Short Term vs. Long Term – Which Lease Option is Right for You?

Short Term vs. Long Term – Which Lease Option is Right for You?

Short Term vs. Long Term – Which Lease Option is Right for You?

 

Deciding which Dallas apartment is right for you is only half of the equation. Once you’ve picked your place, the next important step is deciding which type of lease to enter into. Our apartment locators work with many different property managers and landlords who offer a variety of different lease terms, from one year to several. Before you lock yourself into a contract, make sure you understand the pros and cons of each.

 

One-Year Leases

The most popular lease term option for most Dallas apartments is 12 months. The good thing about signing on for just one year is that you’ll have enough time to get used to the place and decide whether you’d like to stay there or not. If you find that you’re unhappy or your circumstances change, you only have to wait a year to move on. This provides more flexibility.

The main downside to shorter term leases is the fact that, just like you, the landlord has the right to decide whether to renew or not. That means there’s a possibility that you’ll need to relocate again in another year.

 

Long Term Leases

Some property managers are comfortable offering longer lease terms to new tenants, including two or even three year leases. While these are typically extended once a short term lease is expiring and both parties have had the chance to get to know one another, it may be something you could consider right off the bat, depending on which Dallas apartment you choose.

Longer leases are great if you’re looking for more stability. They can also be beneficial from a financial standpoint, because landlords will sometimes offer a discount on rent in exchange for locking into a longer term. So, you could potentially save money with this option. Plus, you’ll be locked into the rate you agree upon for the length of the term, so you won’t have to worry about your rent going up unexpectedly.

 

Read the Fine Print

While the idea of locking in a lower rate and having more stability may be attractive, it’s important that you fully understand what your obligations will be under the lease you choose. In particular, what will the ramifications be if you decide you cannot or no longer want to continue living in your apartment?

Most leases contain stipulations that include a fee and other penalties for breaking the lease, such as forfeiture of your security deposit and more. For instance, if you decide to leave in month 12 of a two-year lease, not only would you likely lose your deposit, but you might even find yourself on the hook for some or all of the remaining 12 months.

Knowing these rules and consequences before you decide to sign on the dotted line will help you make a more informed decision and prevent unexpected and costly surprises down the road.

Can’t decide which option is right for you? Give us a call. We’d be happy to help get you into the apartment and lease that’s perfect for you.

December 1, 2019 / by / in

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