The Modern Hobo Wears a Necktie
August 9, 2021
Here’s a question I bet you never thought you’d be asked: do you know the difference between a hobo, a bum, and a tramp? The
There are several reasons why someone may need a short rental option or may not be ready to sign a long term lease. Maybe you got a new job in a new city and need to find a place to rent quickly or your current lease is up and you need more time to find a new place to rent. Most people immediately start to panic and think that staying with a friend or an extended hotel stay is their only option. Here’s a list of the available options to help you navigate the world of short-term rentals.
Find a roommate online (app or website)
The idea of splitting your average cost of rent that you pay each month is appealing but the thought of living with a stranger can be terrifying. Let’s take a look at the websites that require a background check and which make the service optional.
Haydash is a roommate finder website focused on helping members find safer roommates. All members are required to complete a background check to get approved for a membership. This gives you the confidence that everyone you communicate with on their website has already been prescreened.
Living with a friend or moving in with family is the cheapest and most practical option. However, it could also be a potential risk to your tight relationship. When you live with someone you know, it’s very common to be way too comfortable and expect the other party to be “cool” with your decisions. It comes from the same reason we are sometimes nicer to strangers than we are to the people that are closest to us. If you choose to rent a room, surely you can ask for a friend/family discount, but you often overlook the screening process and to set the same rules for family member or friends as you would when renting with a stranger. If you go with this option, make sure to give them a clear date of when you’re going to move out and stick to it. The extended stayer is what can cause the most conflict.
Subleasing is a lease or rental agreement with a tenant who is already in a leasing agreement with the landlord. This is another good option but be careful and do your research. When subletting, it’s very common that a current tenant will draft up an agreement without prior approval from the actual landlord. This will become a critical problem if you begin to run into troubles with the original tenant. What happens if they refuse to answer your calls regarding any maintenance request or show up and ask you to move out last minute? Since you signed a rental agreement with them you can quickly end up on streets. Also, keep in mind that tenant laws vary from state to state.
Leasebreak.com (New York) offers sublets, short-term rentals, and rooms for rent.
This is one of the most expensive options based on the chart above and it comes very close to the same price as renting a furnished apartment. If you’re only renting for 1-2 months it would best to choose the hotel and take advantage of all their amenities. You’re pretty much paying for maid service, full kitchen with dishes, soap, toilet paper, gym, pool, and a hot breakfast.
To find a cheaper hotel option take a look into smaller mom and pop local hotels. Aside from performing a Google search for Extended Stay also try “efficiency hotel” or “weekly rates hotel.” Craigslist.com is still one of the most popular websites to find several ads on weekly rates at local hotels. Unfortunately, the cheaper the price could also mean the least safe. A lot of cheap local hotels do not require a credit card or drivers license and mostly operate by cash in hand basis.
Airbnb’s are great because of their furnished homes or apartments. Plus, most host really goes out of their way to accommodate your needs that could include extra storage space during your long stay. Most people choose to stay in Airbnb homes/apartments over a hotel as you get more space for a cheaper price and the availability of properties in your desired location. If you work downtown and needed a short term rental close to work, an Airbnb would be a much better option than a hotel.
With Airbnb’s generally offering a cheaper price than a hotel, many hosts offer long term discounts. When performing a search select your date and look for a “monthly price discount.” You can perform you search directly on Airbnb.com/sublets. Can’t find anything on Airbnb? Try Inclusive.com which is very similar and full of listings.
Havn offers fully furnished apartments for rent. Request a reservation, fill out a background check, sign your lease. For 30 days the average lowest prices are $60-80 a day. Let me help you with the math 🙂 that’s about $2,170 for the month. The majority also charge a $150 cleaning fee a month as well.
There are several other websites that let you set a filter to fine short term or furnished homes: Furnished Finder with 30-day minimum stay. To rent a room or rent the entire unit, go to Apartments.com > lifestyle >short-term.
Many of these websites are now getting on board by offering more than just apartments and homes for rent. If you’re in need of a short term option, check out these sites to find sublets, rooms for rent, and furnished apartments.
Short Term and Roommates
Sublets and Roomates
Short Term
Sublets
Rooms for Rent or Furnished Homes
Rentals > For Rent > Short Term or Roommates
Housing or Roommates
Lifestyle > Short Term
sublets
More > Lifestyle > Furnished
Rent > Rooms for Rent or Specialty Housing > Furnished
If you’re still unsure if short-term or month to month leasing is a good idea, let us break down a few scenarios for you to give you a better answer.
House under renovation/construction/Temporary displaced
It is a good idea to rent monthly. If you’re in a house limbo for a short period of time, this is the way to go. It is cheaper than say, staying in a hotel or rent a house through Airbnb.
Flexibility. Being able to move out with just a 30-day notice is ideal in your case. Just a reminder, even if you move out earlier than a specified date, you’re still obligated to pay the remaining days. Homeguides.com broke it down like this: “Suppose you give notice on the June 6, so that your 30-day notice expires on July 6. If you then move out on June 30, you still owe for the following six days.”
The landlord also has the same flexibility to terminate your contract. More importantly, “if you left not paying the partial rent, the landlord can simply deduct the money from your security deposit. If that’s not enough to cover his losses, he can also sue you,” according to Homeguides.com
New to the area/Job relocation
If you don’t know where to set-up your permanent home, or which part of town you’re going settle-in. It’s a wise decision to do month to month rent or find a room for rent until you become familiar with your surroundings.
No early termination fee – breaking your lease is the last thing you want to do. Not only it can be costly, but you can also get a negative mark on your credit report. Click here to find out how your landlord can affect your credit score.
Missed out on rental concessions – things like a month or two of free rent are usually offered to long-term renters only.
Buying a home/Soon-to-be Mr. & Mrs.
Major life changes that can happen within a year may require you to transfer to a place temporarily. Switching to short-term lease is a better option unless you know someone who can take you in for an indefinite amount of time.
Full security deposit refund. Usually an apartment wouldn’t show severe wear if you’ve only been there for a short period of time. If this is the case, expect to get your full security deposit back. For tips on how to get your deposit back, read Rent.com’s blog about it.
Increased security deposit. When the rent goes up so is the security deposit. Per Nolo.com‘s example: “If the deposit is twice the monthly rent, and your $1,000 rent has gone up to $1,100, the deposit limit rises from $2,000 to $2,200.”
You have a new roommate/You’re a “Digital Nomad”
Not sure if you’ll get along with your new roommate or if you travel for work. These are good reasons to offer or switch to month to month rental agreement.
Avoid eviction lawsuit. Due to a roommate’s delinquent rent payments. Don’t let your new roommate negatively affect your good credit score. It’s also a convenient lodging option for those who work while they travel. If you are curious about this kind of lifestyle, check out these two blogs: The Modern Hobo Wears a Necktie and Want to Work Remotely a What You Should Know If You nd Travel the World.
Higher rent payment. Landlords who run a month to month apartment rentals usually incur higher expenses to keep up with the frequent vacancy in their units. Like advertising, background checks, and cleaning. These costs are usually passed on to the tenant by charging slightly higher rent.
Your financial situation or lifestyle often dictates the need to switch or modify your living arrangement. When the immediate future is uncertain and you’re not sure when you’ll need to move, the best option is to sign-up for a month to month lease or short-term agreement. If you think about it, it is a good trade to pay more for the flexibility to move out on short notice. There are many options out there beyond couch surfing with your friends and family. Just choose wisely and carefully to avoid wasting your hard-earned money.
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