3 Types of Lease Agreements
When you’re searching for a place to lease, you’ll typically find three types of apartment lease agreements. What are those three types? And which is best for you? The right lease agreement for you will always depend on your unique circumstances and what you’re looking for in a home. The right arrangement for you may be completely different from the right arrangement for someone moving at the same time to the same place.
To help you make the best choice, here’s a look at the three types of apartment lease agreements and what to expect from each.
Periodic Leases
When you hear about a month-to-month lease, that’s what a periodic lease agreement is. This is a perfect lease agreement if you’re dealing with an uncertain situation. Perhaps you’ve taken a temporary job or you travel a great deal for work or you think you’re going to buy a home in the not-too-distant future. In each of these cases, the flexibility of a month-to-month lease might be just what you need.
If a periodic lease is so great, why not always opt for one? Well, first of all they tend to be more expensive. You’ll typically pay less in monthly rent the longer your lease agreement is. And a lease provides protection for both the tenant and the owner. When you have a periodic lease, the owner can tell you it’s time to move out at any time.
Fixed Leases
A fixed lease is the most common type of lease. These typically run between six months and a year, and there will be penalties if you need to break the lease for some reason. Penalties for breaking a lease typically amount to anywhere between one month’s rent and the total of payments due over the balance of the lease. In other words, it can get pretty expensive to break this type of lease.
Subleases
A sublease is related to a fixed lease in one way: If the tenant in a fixed lease needs to break the lease but can’t afford the penalty, they will look for someone to sublease. A sublease essentially means someone else takes over a lease on your behalf. Not all landlords will approve a sublease, and it’s important that you do get approval before moving forward with one.
When it’s allowed, a sublease is a helpful tool to assist you with getting out of a fixed lease before the term is up.
Long-Distance Moving Storage
No matter the type of lease you want or need, you will often require moving and storage assistance when choosing a new apartment. At Mid Atlantic Van Lines, we provide long-distance moving storage and other services that are designed to make your life simpler when moving from place to place.
Use the tips above to ensure you’re getting the right type of lease for your unique needs, and remember to use Mid Atlantic Van Lines to ensure you have the long-distance moving services that you need. Contact us today for help with your move.
