subject: Tips On Getting Apartment Leases [print this page] When searching for an apartment, it's important to know what type of lease you'd be signing, as well as its benefits and drawbacks. First off, there are two types of leases you can enter into:
Fixed-Term Lease
The fixed-term lease is the most popular type of lease, especially in college towns like Ames, Iowa. The lease outlines the duration of the tenancy, which is usually around 9-12 months. It's also possible to agree with a longer lease if you know you'll be in the same area for a few years.
As with other things, there are always exceptions to the rule. If the apartment has been empty for a few months or the apartment community is having a hard time renting it, they make give you a discount or pro-rated monthly rent for agreeing to longer than a standard 12-month lease.
Month-to-Month Lease
A month-to-month lease is commonly practiced in the summertime when many students choose to sublease their apartment. This is basically a very short version of a fixed-term lease and lasts for just one month. The main advantage to this type of lease is flexibility which won't bother you about breaking a lease if you anticipate moving within the next couple of months. However, you'd expect and be prepared to pay a premium price because a month-to-month lease is not the optimal choice for landlords.
When reviewing the lease for your apartment, there are a few other things you should consider as well. If you're living with roommates, it's essential you find out where the liability lies if one of you isn't able to pay rent. Many times, you'll be asked to sign an agreement that makes you and your roommate(s) equally liable for the rent. For example, if your roommate can't pay the full amount during a certain month, you'll be responsible to cover it because you've agreed to pay the property management X amount of dollars by the due date.
Finally, take a look at the information surrounding breaking the lease. Don't worry as this isn't necessarily a bad thing. In fact, it happens quite often for those who need to move to another city for a job, additional schooling, etc. There should be information in your lease about ending it early. Many times renters are required an advanced pay for 1-2 month's rent should they choose to leave early. It is important to know this before signing if you think this might be one of the options for you in the near future.
