15 Sep Short-Term vs. Long-Term Apartment Rentals in Kamloops: What’s Best?
Posted at 09:11h
in Finding Apartments for Rent in Kamloops BC
There are many different kinds of Kamloops apartment rentals including short-term and long-term rentals. Understanding the difference can help you make the right choice.
Short-Term Apartment Rentals
- Vacation rentals
- Apartments rented to locals by owners who’ll be away for several months
Some owners would rather rent an apartment to a local than a traveller, usually because renting to travelling strangers has its risks. If you Google “Airbnb nightmare guests” you’ll see why. - Apartments with short-term rental agreements
While there are few of these, some apartments rent for 6-months at a time or less. - Sublets
Sometimes renters sublet their apartment if the landlord allows it. - Sharing an apartment
Some property managers allow two people to share an apartment.
| Pros of Short-Term Rental | Cons of Short-Term Rental |
|---|---|
| Works well for travellers. | Feel unstable because they have high tenant turnover. |
| Aren’t tied to a long contract, so can change your living situation more easily. | Can cost more than a long-term rental because landlords must recoup losses associated with high vacancy. |
| Flexible for workers who work in many cities throughout the year. | Because of high turnover, the apartment may have more wear and tear. |
| Good choice if you are living in Kamloops for several weeks up to several months. | Landlords may not install high-end appliances because of the amount of wear and tear they’ll get. |
| Some short-term rentals are furnished. | Often don’t have common areas such as fitness rooms, or bike storage and personal storage. |
Long-Term Apartment Rentals
Long-term apartment rentals are often a 1-year lease. Some long-term rentals allow roommates to share an apartment, though usually they’ll have to sign a separate agreement.
| Pros of Long-Term Rental | Cons of Long-Rental Rental |
|---|---|
| Are often located in more desirable areas of Kamloops. | Tenant is tied to a longer contract, so if they want to move out before the lease expires, they may still have to pay the full lease, or in some cases can break the lease with a hefty penalty. |
| Usually maintained to higher standards than short-term rentals. | You’ll typically have to pay for your own furniture and furnishings. |
| More long-term rentals on the market, so there is more choice. | There may be more rules than when living in a short-term rental. |
| May cost less per month than a short-term rental because the landlord doesn’t have the expenses associated with frequent vacancy. | Tenants in short-term rentals often have more unstable lives and may not make great neighbours |
| Rental costs are more stable. Landlords usually can’t increase the rental price within the term of the lease. | |
| Tenants in long-term apartment rentals tend to have more stable lives, treat neighbours more respectfully, and have more invested in keeping the suite and building in good shape. | |
| Usually have higher quality appliances. | |
| Often have well-maintained common areas such as fitness rooms, bike lockers, picnic and barbecue areas. |
McGill Ridge: Beautiful, Long-Term Lease Apartment Rentals
McGill Ridge apartment rentals have a 1-year lease. All of our suites are well maintained, have modern stainless steel appliances and in-suite washer-dryer. If you’d like to rent a studio, 1 bedroom, 1 bedroom plus study or 2 bedroom apartment, complete our Preferred Unit Form. A representative will contact you within a few business days.