Short-Term Rental Lease Guide: Lease Template and Key Terms

If your home requires renovation or repairs, many people opt for serviced apartments or units offering short-term leases for around two months while waiting for the work to be completed. However, some mistakenly believe that short-term rentals of one or two months do not require a formal lease and that paying rent is sufficient. In reality, to protect the rights of both tenants and landlords, a lease should be signed regardless of the rental duration. This ensures that both parties are safeguarded, and any future disputes can be resolved according to the terms outlined in the lease. Read this article to learn more about the essential terms for short-term leases.

The V Offers High-Quality Short-Term Rental Units

If you’re looking for a short-term rental unit for two to three months, we recommend choosing a serviced apartment from The V. At The V, short-term rentals only require a simple "License Agreement," which clarifies the rental period, the number of furniture and appliances included in the unit, and protects the rights of both parties. Unlike renting a private unit, there’s no need to sign a complicated "Tenancy Agreement," making the process straightforward and hassle-free. The V’s serviced apartments are equipped with premium French Le Creuset cookware and Simmons bedding, allowing you to return to a cozy home after a long day of work. Contact us now to learn more about short-term rentals at The V serviced apartments.

Why Do Short-Term Rentals Require a Lease?

If you choose to rent a private unit for a short term instead of a serviced apartment, remember to sign a formal lease and thoroughly understand its terms and conditions. A lease is an agreement between the tenant and the landlord regarding the rental of a property. During the lease period, both parties must fulfill their rights and obligations as stipulated in the lease. For example, short-term tenants rarely purchase furniture or appliances and instead use those provided by the landlord. The lease should specify which party is responsible for covering repair or replacement costs in case of damage or malfunction. Additionally, the lease should include details such as the rental amount and payment deadlines. Like standard leases, short-term rental agreements are legally binding, ensuring that any disputes can be resolved according to the agreed terms, protecting the rights of both landlords and tenants.

Essential Terms to Include in a Lease

Apart from the personal details of the landlord and tenant, the rental amount, and the lease signing date, a formal lease should include the following terms:

Lease Term

The lease must specify the rental period for the unit. The first day of the lease is referred to as the "commencement date." Typically, most landlords offer a few days of rent-free period before the commencement date to facilitate the tenant’s move-in.

Advance Rent and Security Deposit

The lease should state the security deposit and advance rent amount required at signing. The advance rent usually covers the first month’s rent, while the security deposit is typically equivalent to two months’ rent.

Responsibilities of the Landlord and Tenant

Generally, the landlord is responsible for structural repairs and building management fees, while the tenant covers utilities such as water, electricity, gas, and internet. However, serviced apartments usually include these costs in the rent, eliminating the need for additional payments. The lease should also specify which party is responsible for the repair or replacement costs of appliances and furniture provided by the landlord, ensuring clarity in case of maintenance needs.

The above are the essential terms typically included in a short-term lease. However, each rental unit’s conditions may vary, and some landlords may include additional clauses. Therefore, it’s important to pay close attention to the specific terms outlined in each lease before signing.