Should You Rent Your Property Out Long Term?

You can choose to rent your property out for either the short-term or the long-term. Each option has its pros and cons. As a result, you need to ask whether renting your property out for the long term makes sense based on your personal preferences.

Income

If you rent your property out for the long term, you can lock in rental rates to an extent. Depending how the housing costs change, this can be either beneficial or detrimental to the property owner. In other words, this means that your expectations for the future play a huge role in this regard.

Stability

Meanwhile, renting your property out for the long term is the superior choice if you are concerned about the stability of your income. After all, you can't count on being able to find renter after renter with no intervals between them whatsoever. As such, renting your property out for the short term has a higher chance of producing periods in which it is just sitting empty.

Workload

Similarly, renting your property out for the long term is the superior choice if you are concerned about the size of your workload. In part, this is because there is a lot of effort that goes into finding renters, particularly if you are rushing because you don't want your property to sit empty for a long time. However, you can also expect to have to spend more time on maintenance and upgrades if you are seeing a regular succession of renters.