Winter Rentals vs. Yearly Rentals: What Rhode Island Landlords and Renters Need to Know

For both landlords and renters in Rhode Island—especially in the Aquidneck Island area—understanding the differences between winter rentals and yearly rentals is crucial. Each rental type serves a different purpose and comes with unique benefits and challenges. Whether you’re a landlord looking to maximize your property’s income or a renter searching for the right lease term, here’s what you need to know.

What is a Winter Rental?

Winter rentals are short-term, off-season leases typically running from September or October through May or early June. They cater primarily to seasonal workers, students, and professionals looking for temporary housing. These properties are often furnished and priced lower than summer rentals.

Pros for Landlords:

• Higher Per-Month Rental Rates – While not as lucrative as peak summer rates, winter rentals often yield better monthly income than a traditional yearly lease.
• Less Wear and Tear – Shorter-term tenants typically cause less long-term damage to a property.
• Flexibility for Summer Income – Landlords can transition to high-demand, high-rent summer leases during peak tourist months.

Cons for Landlords:

• Seasonal Vacancies – Many properties sit empty during the summer if they are not converted into weekly vacation rentals.
• Frequent Turnover – More frequent tenant changes require additional marketing, lease agreements, and potential maintenance.
• Limited Tenant Pool – The rental market for winter leases is smaller, making it necessary to secure tenants in advance.

Pros for Renters:

• Lower Costs Compared to Summer Rentals – Winter rental rates are often significantly lower than what the same property would cost in July or August.
• Fully Furnished Options – Many winter rentals come furnished, which is ideal for short-term stays.
• Flexibility for Temporary Residents – Ideal for students, contract workers, and those new to the area who want to explore before committing to a long-term home.

Cons for Renters:

• Limited Lease Duration – Most leases end by late spring, requiring renters to find new accommodations before summer.
• Possible Higher Utility Costs – Some winter rentals do not include utilities, and heating costs can be significant during colder months.

What is a Yearly Rental?

Yearly rentals are standard long-term leases, typically spanning 12 months or more. These are ideal for families, professionals, and individuals looking for stability in their living situation.

Pros for Landlords:

• Consistent, Year-Round Income – No seasonal vacancies mean predictable cash flow.
• Lower Turnover and Management Costs – A single tenant for the entire year reduces marketing efforts and turnover-related expenses.
• Less Seasonal Dependency – No reliance on tourism-driven demand fluctuations.

Cons for Landlords:

• Lower Monthly Rent – Monthly rates are generally lower than winter rental prices but make up for it in stability.
• Less Flexibility – Committing to a yearly lease means missing out on potentially higher summer rental income.
• Potential Long-Term Wear and Tear – A single tenant occupying the space year-round may result in more consistent property usage and upkeep needs.

Pros for Renters:

• Long-Term Stability – No need to relocate every few months, offering a sense of security.
• More Competitive Monthly Pricing – Generally lower than short-term rental rates.
• Greater Negotiation Power – Long-term leases may allow tenants to negotiate rent prices and terms more effectively.

Cons for Renters:

• Lack of Flexibility – Breaking a lease early may result in penalties or difficulties finding a subletter.
• Unfurnished Options – Many yearly rentals come unfurnished, requiring an upfront investment in furniture and household goods.

Which Option is Best?