Renting a home has a number of advantages over buying one in terms of flexibility and variety. Normally a lease for an apartment is signed for a period of twelve months. But in this ever changing world a period of one year might be too long for certain people. People who might have to move frequently due to the nature of their work will find a short term apartment lease as the perfect option.
What is a short term apartment lease?
- The period of a traditional lease is twelve months. A short term lease is drawn for a period of anything between three to six months.
- The rights of a person who takes a traditional lease or a short term lease are the same. A short term lease does not mean that your rights will be shortened too.
- Tenants should abide by the rules agreed to on the contract like pet policies, occupancy and guests.
Sublet is another type of a short period apartment lease. Once the tenant has obtained the lease of a property he may decide to rent it out to a new tenant for a short period of time. The leaseholder can do either of the following:
- Sign a separate deal with the person he is renting the property to.
- Add him as a sublet in his current lease.
Month to month lease:
In a Month to month lease the leaser and the lessee do not sign any formal lease agreement or contract.
Terms of a month to month lease are as follows:
- If a tenant wishes to utilize the property he pays the rent in advance for the coming month. This entitles him the right to use it for the next month.
- He can continue his tenure as long as he keeps paying the advance rent or till the leaser asks him to vacate.
- Two weeks prior to the end of the tenure period the lessee should submit his notice to the leaser to enable him to look for the next tenant, same applies for the opposite case too.
The tenant will have to pay a monthly fee, irrespective of the type of type of lease he is committed to. The fee will have to be paid throughout the period of tenure.
There are several kinds of deposits that need to be made.
- Most apartments have a strict No-pet policy because of damages it may cause to carpets. But some owners may let you keep a pet with a non-refundable pet deposit.
- Security deposits will have to be made too but security deposits are refundable.
Any apartment can be made eligible for short term lease, Furnished or unfurnished, Studio and efficiency. But the terms of leasing of each of these units are decided entirely by the owner or the property manager.