Why Renting By The Hour Is Getting Popular Tips, Property rental guide

Why Renting By The Hour Is Getting Popular

2 Apr 2020

Forget Leasing Or Buying! Learn Why The Concept Of Renting By The Hour Is Getting Popular

Have you ever had to look for a location where you can jam with pals? Believe us; the task is easier said than done.

It doesn’t matter whether you’re searching for a space to host your next startup meeting or looking for a location for that Yoga session. One of the biggest problems that you’ve certainly had to face is the search for activity space that meets the requirements.

There was a time when you would have no option but to buy, or at least lease the required space for a sufficient time. But both these options came with a lot of strings attached. And for a once-a-month meeting, you surely don’t need to purchase an entire office!

However, there’s a solution to this problem today. By opting to rent spaces by the hour, you can take advantage of the benefits of the shared-space economy. Further, you only have to pay for as much as you use, and for as long as it needs to be used.

Sounds interesting, right?

Why Renting By The Hour Is Getting Popular Tips

Why Rent By The Hour?

The entire idea of renting space by the hour is not really very new, but the concept has certainly gained popularity in recent times. And this is not without its reasons (as we shall see soon).

Today, there are a large number of organizations, such as GetSpaces.com, which allow you to rent event spaces by the hour. It doesn’t matter whether you’re looking for space to hold a corporate meeting or searching for a studio that’s ideal for photo sessions. There’s someone out there ready to rent the space on an hourly basis.

But why should I rent by the hour, you may ask? Why not merely look for leasing the space for the long-term, or even buying it if I have the necessary funds?

Sure, you can do all of that. But buying and leasing have long-term commitments attached to them, which might not be suitable for you in the long run.

The following are some advantages of renting by the hour that show why it is becoming more popular by the day, especially among the younger generation.

Flexibility Of Location

One of the most significant advantages of renting spaces by the hour is that you can easily change the location. After all; the location of the property plays a significant role in any renting decision.

If you buy an activity space or even lease one, then you’re tied down to that particular location for a specific period. With renting by the hour, you don’t have that problem. Here you can easily shift from one place to another, as the obligation lasts for a few hours only.

Fewer Responsibilities

Let’s face it: with the world growing more complicated by the day, no one wants to take on more responsibility than is actually needed. And buying or leasing property means taking on a significant financial burden.

Along with that, owning property comes with several legal ramifications and agreements that must be honored. For these reasons, more and more people, especially millennials, are leaning towards renting property. And when renting is done by the hour, the responsibilities are naturally fewer.

Minimal Maintenance

One of the biggest headaches of owning property is maintenance work. The leaky pipes, the faulty power lines, can all take up much of your time, not to mention money. It’s been estimated that yearly maintenance costs (for residential properties) can go up to one percent of the property value.

With hourly renting of activity spaces, you don’t need to worry about anything. The owner of the property does the entire gamut of maintenance work. You only pay the required rent, use the space, and then leave. Simple as that!

Affordability

And now we come to the money matter, which is, of course, an essential factor to consider. For most activities such as corporate meetings or dance sessions, you certainly don’t need to take up the financial burden of buying property.

Plus, there are a large number of hidden costs to buying or leasing property, which you may not have considered. Apart from the purchase costs, this may include permits, operating costs, and moving expenses.

Now compare all that hassle to renting a space. No need to spend large amounts, no need to take a loan, no requirement of entering into complex financial agreements. Just use the location by the hour, pay the rent, and walk away. It’s a no-brainer when it comes to the preferred alternative.

Networking Opportunities

When you’re buying or leasing a workspace or activity space, you are limited only to employees, collaborators, or friends. This certainly restricts the effective reach in these hyperconnected times.

In contrast, when you rent by the hour in a co-activity space, you meet new people with similar or related interests. This leads to the forging of newer connections, from which arise greater opportunities.

Fully Furnished Venues

Finally, the last, but one of the most significant advantages of why you might want to rent by the hour, is furnishing benefits. When you buy or lease, you usually have to take care of the interior decoration and furnishing of the space.

With renting by the hour, you get the entire furnished venue handed to you on a silver platter. No hassles and headaches; just choose the property suitable for you, decide on the time of use and get going. Now, who wouldn’t want that!

Conclusion

All the above reasons, coupled together, are responsible for the rise of hourly property rentals. And as time passes, we can expect more and more people to jump onto this bandwagon.

So, are you ready to rent by the hour? If yes, then let us know how it goes. And if no, then let us know why!

Whatever the case, we’d love to hear from you.

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