4 Things Renters Should Know About Lease Terms

Whether you are familiar with renting apartments/houses or you have never rented before, you should know what’s in a lease. The agreement includes the length of the rent term, the cost of rent and deposits, and rules for living in the home or apartment. Here is some vital information every renter should know before signing a lease.

1. There are basics in every lease

If you have rented before, you have likely encountered some differences in the terms of each lease. They could be the length of the lease, decoration rules, or parking regulations. But, every lease has some basic information that doesn’t change, including the following.

1. Rules about pets
2. Information about breaking the lease
3. Who can live in the rental unit
4. The amount of rent
5. Safety deposit information

2. The length of the lease is important

Lease terms are usually between six and twelve months, although three-month leases are available. Month-to-month leases do exist, but they can be risky, especially if they aren’t signed every month. Landlords could lose their tenants (without warning usually) and tenants risk being evicted at a moment’s notice. You should always be sure to know where you stand when it comes to the length of your lease and know when to renew it (or not).

3. Leases are binding

It is especially important for new renters to understand this concept. Leases are legally binding agreements. You and your landlord will have responsibilities and consequences for failing to uphold them. Some landlords will be willing to make changes to a lease after it has been signed or allow you to leave early. But, they are not obligated to do so.

If you break your lease, you could face penalties. That usually includes a high fee. Before signing a lease and renting a house or apartment, be sure to understand what you are agreeing to.

4. You should carefully consider renewing your lease

If you are happy where you rent and don’t plan on leaving, you have already made your decision. But, if you think you might want to in the future, don’t renew your current lease without consideration. Here are some tips to help you make an informed choice.

• Review your lease: Doing this will help you decide what you do or don’t like about the terms.
• Talk to your landlord: If there is something you don’t like or would like to change, like a pet policy, they might work with you.
• Look around: It never hurts to get an idea of what else is out there. You may find that you are getting the best deal for the space you have or that somewhere else will give you more amenities.
• Think ahead: If you think you may be moving for a job, getting a pet, or expanding your family, you don’t want to rent a place that doesn’t fit with these goals.

Looking for a unique rent experience?

At Highland Park Village in Amarillo, Texas, we have a variety of rent houses available to suit your needs. We are more than just a neighborhood: we are a community! Call us at (806) 335-1451 or Contact Us by email to learn more about our Available properties and Specials.