Full Versus Short-Term Leases
There are mainly two types of rental agreements you can expect an owner to offer you – a full lease or a month-by-month lease. These leases vary by city and as a rule, full leases are much easier to find. Month-by-month leases are popular in bigger cities and during the summer season when many people travel to another city to complete an internship or work-study program.
Full leases, also known as fixed-term leases, are the most common rental arrangements in which the lease states the duration of the tenancy. This is normally anywhere from 9 to 12 months. When the time is up, the only way to continue to occupy your apartment is by renewing your lease. In a fixed-term lease, neither the tenant nor the owner can modify or end a lease agreement before the end of the term without the permission of the other party. Full leases are also a great way to protect tenants from rent increases during the term of agreement and protect owners from the consequences should their tenant decide to move.
Renting an apartment on a month-by-month basis is ideal for those who may need to remain in their current apartment for a few extra months or need an apartment for a short period of time. One of the most common reasons for a month-by-month lease is that tenants have signed a new lease agreement at another apartment and they have to move after one month or so, after their current lease expires. With most leases of this type, the tenant should notify their landlord within 30 – 60 days of deciding to move so they will have enough time to find another tenant.
March 18 2011 | Sherman Oaks Real Estate – Loan Modification Process For Sherman Oaks Homes | Comments Off