What a Rental Lease Agreement Means
A rental lease agreement is a contract you sign with a property owner that allows you to rent an apartment for a certain amount of money per month over a certain period. Most leases are for either 6 or 12 months and state all the terms you agree to when you rent a property, including the following:
- Monthly fees for renting the apartment
- The names of the people living in the apartment
- The starting date and duration of the lease
- The specific apartment number you rent
- Provisions for a security deposit and terms for returning it when you vacate your apartment
- Whether you need to purchase renters’ insurance
- Which items a property owner provides in each unit
A Rental Lease Agreement Is for a Certain Amount of Time
In most cases, a rental lease agreement requires you to commit to pay a property owner monthly for an apartment over a certain period—usually six months to a year—and poses severe penalties for defaulting on the lease—failing to abide by its terms—before that time is complete. Depending on the property owner’s specific policies and the laws governing leases in your state, it is usually less costly to pay out a lease than to pay the fines for moving out of your apartment early. Before signing a lease, you should take as many measures as possible to ensure you can abide by the terms of the lease financially for the entire period of the lease.
A Rental Lease Agreement Guarantees a Certain Rate
One of the main benefits of a rental lease agreement is that it guarantees you pay a certain monthly rate for an apartment, which can help you avoid the frustration of fluctuating property prices. In some cases, property owners offer you incentives to rent an apartment, such as reduced monthly rates, no security deposits or application fees, or even a free month of rent. If you receive any of these incentives, your rental lease agreement also reflects these.
A lease is a contract between you and a property owner and dictates the terms for you renting a specific apartment. Such an agreement can benefit both you and the property owner, since it allows you to receive a certain monthly rate for your apartment and clearly outlines all policies and procedures applicable to your apartment. For more details about leasing an apartment or items included in a lease, you should select an apartment complex and consult with its staff.