When you rent an apartment, you may be scared of tying yourself down to a long-term fixed lease. If this is the case, using a flexible lease arrangement might be exactly what you need. With this type of lease, you have many options to choose from and you can potentially stay in the property for only a short time without penalty.
One of the components of a flexible lease arrangement is a shorter term. Many of these lease arrangements go on a month-to-month basis. This means that you can stay in the property for one month at a time. If, at the end of the month you decide that you want to move out, you can move out without any penalties. With this arrangement, you could also stay in the property for an extended period of time if you needed to.
When using a flexible lease arrangement, the utilities in the apartment can be an issue. If you plan on being in the apartment for only a short time, it may be difficult to get the utilities put your name. In this case, you may want to find an apartment landlord who offers utilities as part of the rent. Many flexible lease agreements offer utilities included, and it can be much more convenient to go this route. You can even save money because you only have to pay the rent each month.
One of the potential drawbacks of using a flexible lease arrangement is that the rent may be higher. Since landlords are giving up the stability that comes with a long-term, fixed lease, they have to charge you a little bit more money. If you are willing to pay for this extra freedom and flexibility, this type of lease can be advantageous. If you are all about saving money, you may want to commit to a longer, fixed term.
When negotiating a flexible lease arrangement, you have to pay attention to how much you are paying in deposits. Since the landlord thinks that you might only be in the property for a short time, he might expect you to pay a little bit more in deposits. If he does not charge a higher deposit, you could easily damage the property and move out without any repercussions. This helps keep the landlord safe even if it does take more money out of your pocket upfront.
- Apartment Guide: What Type of Apartment Lease Agreement Do You Need
- Board of Governors of the Federal Reserve System. "Negotiating Terms and Comparing Lease Offers." Accessed July 28, 2020.
- Federal Trade Commission. "Should I Lease a Car?" Accessed July 28, 2020.
- Experian. "State of the Automotive Finance Market," Page 22. Accessed July 28, 2020.
- Kelley Blue Book. "Q: What Is Car Depreciation?" Accessed July 28, 2020.
- Board of Governors of the Federal Reserve System. "Frequently Asked Questions." Accessed July 28, 2020.
Luke Arthur has been writing professionally since 2004 on a number of different subjects. In addition to writing informative articles, he published a book, "Modern Day Parables," in 2008. Arthur holds a Bachelor of Science in business from Missouri State University.