What do you think? If you're renting for more than 3 months, is it cheaper to stay in short-term accommodation or go for a long-term letting?
I bet you answered 'long-term', right?
Surely you pay less per month with longer leases than you do with short-term ones, how could it possibly be the other way around?
But it is! When you look into it there's an awful lot more to renting than just paying the rent.
If you take all of the other costs into account, a longer lease stops looking like such a great deal. And if you count non-monetary costs (like your time, hassle, peace of mind and convenience) short-term renting is by far the cheaper and easier option.
I know what you're going to say, 'we would say that' given what we do, which is why we've got the figures to back it up...
(We used like-for-like 2-bedroom properties in West Bridgford, Nottinghamshire for comparison based on 2 people relocating to the area – as most of our guests are – and renting for 6 months)
SHORT-TERM LET
Rental per month £2000* (includes weekly cleaning)
Rental per month £1900* (equivalent without cleaning)
Additional charges for:
TOTAL FOR 6 MONTHS:
6 x 1900 = £11,400
*Please note that this is a special reduced rate for rentals of 3 months or more
LONG-TERM LET
Rental per month £650 (without cleaning)
Additional charges for:
TOTAL FOR 6 MONTHS:
6 x 650 rent = £3,900 + 404 + (267 x 6) + 5000 + 200 + 1000 = £12,106
That's £700 MORE than the short-term let!
**Average estate agent fee charged by ARLA licensed agents is £202 per tenant (November 2016)
You do still have all the furniture at the end of your rental so there's an option of not spending £1000 on moving and selling what you spent all that money on but even if you have the time and capacity to do it, it generally ends up on Gumtree for pennies.
So there's no way around it, short-term leases are cheaper.
I bet you answered 'long-term', right?
Surely you pay less per month with longer leases than you do with short-term ones, how could it possibly be the other way around?
But it is! When you look into it there's an awful lot more to renting than just paying the rent.
If you take all of the other costs into account, a longer lease stops looking like such a great deal. And if you count non-monetary costs (like your time, hassle, peace of mind and convenience) short-term renting is by far the cheaper and easier option.
I know what you're going to say, 'we would say that' given what we do, which is why we've got the figures to back it up...
(We used like-for-like 2-bedroom properties in West Bridgford, Nottinghamshire for comparison based on 2 people relocating to the area – as most of our guests are – and renting for 6 months)
SHORT-TERM LET
Rental per month £2000* (includes weekly cleaning)
Rental per month £1900* (equivalent without cleaning)
Additional charges for:
- Letting agent administration, references & inventory £0
- Deposit £0
- Gas & electricity £0
- Council tax £0
- Fast broadband & phone £0 (calls extra)
- Water £0
- Furniture (beds, bedside tables, chest of drawers, wardrobes, dining table & chair, sofas & armchairs, bathroom cabinet, soft furnishings, pictures, T.V., fully equipped kitchen including Nespresso machine, a fridge/freezer, and washing machine) £0
- New bedding £0
- Removal company £0
- T.V. licence £0
TOTAL FOR 6 MONTHS:
6 x 1900 = £11,400
*Please note that this is a special reduced rate for rentals of 3 months or more
LONG-TERM LET
Rental per month £650 (without cleaning)
Additional charges for:
- Letting agent administration, references & inventory £404 one-off**
- Deposit £650+ (refundable so not taken into account)
- Gas & electricity £85/month
- Council tax £110/month
- Fast broadband & phone £35/month (calls extra)
- Water £25/month
- Furniture (beds, bedside tables, chest of drawers, wardrobes, dining table & chair, sofas & armchairs, bathroom cabinet, soft furnishings, pictures, T.V., fully equipped kitchen including Nespresso machine, a fridge/freezer, and washing machine) £5000
- New bedding £200
- Removal company £1000 (once at end of tenancy)
- T.V. licence £12/month
TOTAL FOR 6 MONTHS:
6 x 650 rent = £3,900 + 404 + (267 x 6) + 5000 + 200 + 1000 = £12,106
That's £700 MORE than the short-term let!
**Average estate agent fee charged by ARLA licensed agents is £202 per tenant (November 2016)
You do still have all the furniture at the end of your rental so there's an option of not spending £1000 on moving and selling what you spent all that money on but even if you have the time and capacity to do it, it generally ends up on Gumtree for pennies.
So there's no way around it, short-term leases are cheaper.
Not only that but they save you heaps of time too because there's:
With our minimum 3 month lets there's no faff at all.
Just 100% flexibility and a readymade home with all the creature comforts you could possibly want waiting for you to move in.
We also offer tailored relocation support if you need any help finding the right school, church, sports club, other parents, or anything else you need to start living the moment you move in. Our properties are guaranteed to be immaculate when you move in, plus if you have any issues during your stay we're on-hand to deal with them.
We don't understand why anyone would you do anything else?!
Please let us know what you think about our findings in the Comments below or feel free to ask us any questions. We'd love to welcome you to West Bridgford soon and show you what all the fuss is about!
- no researching everything you need to buy
- no time spent signing up to utility companies and organising your Council Tax
- no finding and booking a removal company (and all the hassle involved in packing up and moving)
- no waiting in for Virgin to come round or the electrician to call
- no taking time off work to be there when your furniture's delivered
- no taking and sending off meter readings
- no hidden costs like there are with many estate agents if you decide to leave earlier than planned, for example
With our minimum 3 month lets there's no faff at all.
Just 100% flexibility and a readymade home with all the creature comforts you could possibly want waiting for you to move in.
We also offer tailored relocation support if you need any help finding the right school, church, sports club, other parents, or anything else you need to start living the moment you move in. Our properties are guaranteed to be immaculate when you move in, plus if you have any issues during your stay we're on-hand to deal with them.
We don't understand why anyone would you do anything else?!
Please let us know what you think about our findings in the Comments below or feel free to ask us any questions. We'd love to welcome you to West Bridgford soon and show you what all the fuss is about!
"A great alternative to brash estate agents - Nook and Cranny get the job done in an extremely professional manner with a bespoke service making you feel like you're their only client."
5/5 stars
- Paul Eaton, Titanium Project, Nottingham
5/5 stars
- Paul Eaton, Titanium Project, Nottingham
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