{"id":5146,"date":"2015-10-30T19:24:33","date_gmt":"2015-10-30T11:24:33","guid":{"rendered":"http:\/\/leasing.dmcihomes.com\/?p=5146"},"modified":"2020-11-17T11:20:19","modified_gmt":"2020-11-17T03:20:19","slug":"short-term-and-long-term-lease","status":"publish","type":"post","link":"https:\/\/leasing.dmcihomes.com\/blog\/short-term-and-long-term-lease\/","title":{"rendered":"How to Choose Between Short-term and Long-term Lease"},"content":{"rendered":"<h4><span style=\"font-weight: 400;\">With the increasing number of people commuting in and out of the city for school or employment, it\u2019s not surprising that <\/span><span style=\"font-weight: 400;\">condo rental in the Philippines<\/span><span style=\"font-weight: 400;\"> has significantly increased as well. But gone are the days that renters have to stay in a rented condo for a minimum of one year per long-term <a href=\"https:\/\/leasing.dmcihomes.com\/blog\/monthly-rental-agreement-things\/\">lease agreement<\/a>. A lot of condo owners who use their units as rentals have ventured into the short-term lease market, in which they agree to let tenants stay for three months or less. Rather than wait for a long time to find a long-term renter, they would rather take advantage of the renting needs of yuppies or <\/span><a href=\"https:\/\/leasing.dmcihomes.com\/foreigners-short-term-rent\/\"><span style=\"font-weight: 400;\">foreigners needing temporary homes<\/span><\/a><span style=\"font-weight: 400;\"> to fill in the vacancies.<\/span><\/h4>\n<div id=\"attachment_5147\" style=\"width: 710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/leasing.dmcihomes.com\/wp-content\/uploads\/Short-term-and-Long-term-Lease.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5147\" class=\"wp-image-5147\" src=\"https:\/\/leasing.dmcihomes.com\/wp-content\/uploads\/Short-term-and-Long-term-Lease-1024x768.jpg\" alt=\"Short-term and Long-term Lease\" width=\"700\" height=\"525\" \/><\/a><p id=\"caption-attachment-5147\" class=\"wp-caption-text\">Photo courtesy of <a href=\"https:\/\/www.flickr.com\/photos\/119599301@N02\/13059257905\/\">Rental Realities<\/a> via Flickr, Creative Common<\/p><\/div>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If you\u2019re planning to look for <\/span><a href=\"https:\/\/leasing.dmcihomes.com\"><span style=\"font-weight: 400;\">condos for rent<\/span><\/a><span style=\"font-weight: 400;\"> and you\u2019re faced with an option of choosing between short-term and long-term leasing, get to know first the difference between the two before making a decision.<\/span><\/p>\n<h4><b>Long-term Lease<\/b><\/h4>\n<div id=\"attachment_5148\" style=\"width: 710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/leasing.dmcihomes.com\/wp-content\/uploads\/Long-term-Lease.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5148\" class=\"wp-image-5148\" src=\"https:\/\/leasing.dmcihomes.com\/wp-content\/uploads\/Long-term-Lease-1024x681.jpg\" alt=\"Long-term Lease\" width=\"700\" height=\"466\" \/><\/a><p id=\"caption-attachment-5148\" class=\"wp-caption-text\">Photo courtesy of <a href=\"https:\/\/www.flickr.com\/photos\/carbonnyc\/2204277278\/\">David Goehring<\/a> via Flickr, Creative Commons<\/p><\/div>\n<ul>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">Lease is for six months or more, and is usually signed directly with a private landlord, who is the condo unit owner. The owner can agree to a shorter stay (up to six months) and still maintain long-term lease terms, depending on the negotiation.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Security deposit is required. The amount will depend on the landlord but can be open to negotiation. The rental price does not include administration fees and utilities.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">Rented units can be fully or semi-furnished. Before moving in, the renter can be given a document or any proof of turnover protocol that discusses the condition of the unit and an inventory of existing furniture and other items.<\/span><\/li>\n<\/ul>\n<h4><b>Short-term Lease<\/b><\/h4>\n<div id=\"attachment_5149\" style=\"width: 710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/leasing.dmcihomes.com\/wp-content\/uploads\/Short-term-Lease.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5149\" class=\"wp-image-5149\" src=\"https:\/\/leasing.dmcihomes.com\/wp-content\/uploads\/Short-term-Lease-1024x768.jpg\" alt=\"Short-term Lease\" width=\"700\" height=\"525\" \/><\/a><p id=\"caption-attachment-5149\" class=\"wp-caption-text\">Photo courtesy of <a href=\"https:\/\/www.flickr.com\/photos\/cambodia4kidsorg\/3737216640\/\">Cambodia4kids.org Beth Kanter<\/a> via Flickr, Creative Commons<\/p><\/div>\n<ul>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">Lease is for three months or less. Security deposit is usually waived for a short-term stay.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Units are usually <a href=\"https:\/\/leasing.dmcihomes.com\/blog\/renting-out-fully-furnished-unit\/\">fully furnished<\/a> and ready for moving in. Renters can enjoy the use of basic furniture and utilities of <\/span><a href=\"https:\/\/leasing.dmcihomes.com\/blog\/common-misconception-condo-living\/\"><span style=\"font-weight: 400;\">condo living<\/span><\/a><span style=\"font-weight: 400;\"> such as TV, washing machine, refrigerator, and internet connection.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Regular housekeeping can be arranged. In some cases, fresh linen is provided daily, just like in a hotel or serviced apartment.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Rental price is all inclusive and the tenant does not have to worry about paying utilities and other extra bills.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Whether you\u2019re an employee or student looking for a place closer to work or school, a <\/span><a href=\"https:\/\/leasing.dmcihomes.com\/newlyweds-condo-renting\/\"><span style=\"font-weight: 400;\">married couple searching for a starter unit<\/span><\/a><span style=\"font-weight: 400;\">, or a foreigner planning to stay in the country for a while, it\u2019s best to know the pros and cons of these lease agreements in order to choose the best rental for your needs.<\/span><\/p>\n<h4><b>Pros and Cons of a Short-term Lease<\/b><\/h4>\n<div id=\"attachment_5150\" style=\"width: 710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/leasing.dmcihomes.com\/wp-content\/uploads\/Pros-and-Cons.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5150\" class=\"wp-image-5150\" src=\"https:\/\/leasing.dmcihomes.com\/wp-content\/uploads\/Pros-and-Cons-1024x683.jpg\" alt=\"Pros and Cons\" width=\"700\" height=\"467\" \/><\/a><p id=\"caption-attachment-5150\" class=\"wp-caption-text\">Photo courtesy of\u00a0<a href=\"https:\/\/www.flickr.com\/photos\/128435894@N07\/15459593754\">Addison YC<\/a> via Flickr, Creative Commons<\/p><\/div>\n<ul>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">It offers more flexibility for the renter. This is definitely a plus for people who really don\u2019t plan to stay in the area for the long term. If you\u2019re a foreigner on a brief vacation or an employee who keeps getting transferred from office to office, <\/span><span style=\"font-weight: 400;\">renting<\/span><span style=\"font-weight: 400;\"> short-term is a more practical option. This is great for those who have just moved into a city and prefers to get to know the place first before considering permanent residence.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You can break your lease for little or no extra cash. Since you\u2019re not locked in a long-term agreement, you can easily move out if the need for relocation arises without having to shell out penalty money.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You can easily negotiate for a long-term agreement if you decide to stay. If your payments are consistent and you\u2019re generally a good tenant, the landlord will not hesitate to convert your lease to a long-term agreement.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Leases are generally more expensive compared to long-term agreements. Your wallet will definitely feel the pain if you extended your stay and continue paying short-term lease prices.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The landlord can terminate your lease anytime. He can also take advantage of the flexible terms by offering your unit to another renter to move in once your lease is up. Since you\u2019re not locked in a contract, he can also raise the rent anytime. He can also change the terms of the lease just as easily.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">It can be a dent in your credit score. If you live in a country in which credit score is a big deal, then be prepared for a backlash if you continue to be a short-term renter. This could be a disadvantage when you deal with future landlords since it can be a hazard to have renters who are always on the go.<\/span><\/li>\n<\/ul>\n<h4><strong><b>Pros and Cons of Long-term Lease<\/b><\/strong><\/h4>\n<div id=\"attachment_5151\" style=\"width: 710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/leasing.dmcihomes.com\/wp-content\/uploads\/Pros-and-Cons1.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5151\" class=\"wp-image-5151\" src=\"https:\/\/leasing.dmcihomes.com\/wp-content\/uploads\/Pros-and-Cons1-1024x768.jpg\" alt=\"Pros and Cons\" width=\"700\" height=\"525\" \/><\/a><p id=\"caption-attachment-5151\" class=\"wp-caption-text\">Photo courtesy of <a href=\"https:\/\/www.flickr.com\/photos\/mrsdkrebs\/5790659498\/\">Denise Krebs<\/a> via Flickr, Creative Commons<\/p><\/div>\n<ul>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">There is rent control. The landlord can\u2019t raise rents within the period of your contract.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You have to pay your own utilities, which can be a pro or con depending on your usage. If you\u2019re careful with your utilities, you may end up paying less for water and electricity as compared to the inclusive amount that you pay for short-lease.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The landlord can\u2019t evict you anytime he pleases. Again, the locked-in period works to your advantage here.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You get to bring your own stuff. You can ask the landlord to hand you an empty unit if you want to use your own furniture and appliances. You can also bargain in terms of paint and other renovations you want for the unit.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Long-term <\/span><span style=\"font-weight: 400;\">condos for rent in the Philippines<\/span><span style=\"font-weight: 400;\"> are easier to find compared to short-term ones. Condo owners generally prefer longer leases, even if it means sticking to the rental price and terms of agreement. A long-term lease assures steady rental income for a least a year and they don\u2019t have to worry about constantly finding new tenants. They also want to avoid the hassle of having to advertise, clean, and do repairs on the unit each time a tenant moves out, which they will have to do constantly if they stick to short-term leases. In this case, owners are more open to negotiation in terms of rent and rules for a prospective long-term lease.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Ultimately, your decision will be based on factors such as your planned duration of stay in the area, your flexibility in terms of rental price, and preferred living arrangements. Take these considerations in mind and weigh in the pros and cons before signing a lease agreement.<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>With the increasing number of people commuting in and out of the city for school or employment, it\u2019s not surprising that condo rental in the Philippines has significantly increased as well. But gone are the days that renters have to stay in a rented condo for a minimum of one year per long-term lease agreement. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[225,593,118,22,586,128,628,564,629,595],"class_list":["post-5146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-industry","tag-best-condo-in-the-philippines","tag-condo-for-rent-philippines","tag-condo-in-the-philippines","tag-condo-renting","tag-dmci","tag-dmci-homes","tag-dmci-leasing","tag-long-term-lease","tag-rent","tag-short-term-rent"],"_links":{"self":[{"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/posts\/5146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/comments?post=5146"}],"version-history":[{"count":0,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/posts\/5146\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/media?parent=5146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/categories?post=5146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/leasing.dmcihomes.com\/blog\/wp-json\/wp\/v2\/tags?post=5146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}