Renting a new home in Exton requires making a lot of important decisions. One of the key choices to make is whether to opt for a short-term or long-term rental. Because each renter’s situation varies, there isn’t one correct answer. Instead, carefully weigh the pros and cons of each rental lease type and choose the one that fits you best.
Pros and Cons of a Short-Term Rental
A short-term rental involves a lease agreement of six months or fewer. One popular short-term rental is a month-to-month agreement, with monthly renewals. Yet, short-term rentals can vary greatly, with some even having weekly terms.
Renters who need a high degree of flexibility might find short-term leases ideal. They often allow you to stay for a short time or move out quickly if your situation changes. Short-term rentals often come with internet and utilities, although amenities vary from place to place.
Still, there are some drawbacks to short-term leases. Since your lease renews frequently, your landlord can more often raise the rent or update policies and lease terms.
Usually, short-term rentals are pricier than long-term ones, especially in areas with high demand. In a popular vacation area or college town, you may find more competition for short-term rentals, leading to higher rates.
Pros and Cons of A Long-Term Rental
Conversely, long-term rentals offer a sense of stability and predictability. The typical lease length for long-term rentals is one year, though in some regions, leases can span multiple years.
In a long-term lease, your rental rates and terms will remain stable. Therefore, your landlord cannot increase the rent or change the agreement until renewal. Since it’s more cost-effective for landlords to lease properties for longer periods, long-term rentals are often cheaper than short-term ones.
Still, there are a few downsides to long-term leases. After signing, breaking a long-term lease can be both tricky and costly. Terms will differ, but landlords often require an extra month’s rent and forfeiture of the security deposit to end a lease early. This can significantly complicate moving to a new rental home.
It can also hinder your ability to reduce housing costs if necessary.
It’s important to note that many long-term rentals do not come with extra services or certain appliances. Typically, you’ll be responsible for the cost of utilities, internet, and necessary furnishings. However, some landlords may permit subletting or finding a replacement tenant, reducing the financial burden of breaking a lease.
After knowing the pros and cons of short-term and long-term rentals, it’s important to consider your situation and foreseeable future carefully. If your plans involve staying in one place for a while, a long-term rental might be ideal. On the other hand, if your future location is uncertain, a short-term rental might be more suitable. In any case, knowing your options can help make your choice easier.
Real Property Management Tri-State Area, we understand the unique needs of every renter. That’s why we provide a diverse range of rentals that could be perfect for you. Whether you seek a short-term or long-term rental, we might have options to fit your lifestyle. Call us at 610-497-2700 or browse our rental listings for more information.
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