Locating a rental can be difficult enough, but selecting a lease length and type is a delicate procedure unto itself. You’ll face numerous options and frequently with various lease lengths and matching rental rates to select from.
A lease is an agreement between you and the landlord that indicates the rental’s conditions, including the services offered throughout the lease’s term, the rent due, and the length of your stay.
When selecting a rental, it’s important to remember that leases vary in various ways, for instance, the kinds. Here’s why these agreements vary.
The Different Kinds of Apartment Leases
Periodic Leases
These are also termed month-to-month leases. In this lease, you and the landlord have the right to terminate the agreement at whichever time provided each party obtains a proper notice. What comprises proper notice features in the initial agreement, and typically needs a 15-30 day notice.
Since this kind of agreement renews automatically on a monthly basis, landlords have the right to increase the rental rate in whichever month.
Subleasing
If you sublease or sublet a rental, you’re basically renting a property under an original agreement that somebody else holds. With this type, you’ll work out the arrangements with the original renter instead of the landlord.
If you intend to sublease, ensure you acquire written consent from the landlord, permitting you to reside in the rental for the period of your agreement with the original leaseholder.
Depending on the terms included in the initial lease between the lessee and the landlord, the landlord might or might not be involved in the arrangement.
Landlords who prefer having a final say in sublets frequently need the original lessee to acquire a sublease consent before the new renter can take property possession.
Fixed-term Leases
These leases give you the right to rent a unit for a specified duration while guaranteeing a predetermined rental amount for the lease’s duration. These kinds can comprise short-term leases that last less than one year or long-term ones that last a year or longer.
Unless otherwise indicated in the lease, you’ll be responsible for paying the landlord for the entire lease duration even if you vacate early. However, some landlords will allow you to break the lease if you find a replacement tenant or pay a penalty fee.
Proprietary Leases
These are common in condominium and apartment co-op situations. In this lease, the lessee buys stock shares and becomes part co-op owner in return for the right to reside in the chosen condominium or apartment. The lease will direct everything from the living arrangement terms to the rights to sublease the space.
Different Components
Lease Regulations
A lease agreement will delineate any specific regulations you’ll have to abide by while renting the unit. This aspect of the lease is likely to vary because it could include limitations on the modifications you can make to the rental (for instance painting) and the limitations on the size or kinds of pets permitted in the apartment community. You’ll find that these regulations are likely to vary across leases depending on the landlord.
Fees and Deposits
In this section, the management company will include any fees or deposits related to the rental. While common deposits include pet and security deposits, the amount is likely to differ across rentals.
Final Thoughts
A lease serves to protect the tenant and the owner since the legal power of the agreement indicates rights for both parties who’ve committed to abide by the lease. Nevertheless, beware that leases vary in different aspects.
For more information on apartment leases, contact us at Apartment Agents or leave a comment.