Date Posted: 2012-07-30 02:45:07
Site Posted: Myproperty.ph
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House, apartment or condo renting is most ideal for people who find themselves needing to move constantly, which explains the transient nature of rentals. In fact, the length of time in during which you intend to stay is one of the things you need to consider when renting, hence the different terms available, namely the fixed-term lease and the month-to-month agreement.
A fixed-term lease is an agreement between the tenant and the landlord of a house, apartment or condo for rent stating that the tenant will occupy the rental for a specific length of time. Normally, leases can run for one or two years, with an option to renew by the end of the term.
One of the biggest advantages of a lease agreement is that the landlord cannot raise the monthly rent until the lease is over. A lease agreement also lends a landlord reassurance that his rental will remain occupied, especially if the current market makes finding new tenants difficult.
On the other hand, a lease agreement prevents a tenant from leaving in the event that he is forced to relocate for reasons like family or his job. Leaving before the end of his lease is a violation and can result to an altercation between him and his landlord. Moreover, if the landlord wishes to change something about his agreement with the tenant, such as wanting to impose a no-pets policy, he will have to wait until the lease expires.
A month-to-month agreement is an open deal wherein the tenant will occupy the house, condo or apartment for rent on a per-month basis. This means that the tenant can live in the rental for as little as six months to as long as a few years. One benefit of a month-to-month agreement is that, if the tenant is constantly required to move, he won’t be breaking any lease agreements; he can just give a 30-day notice before packing up and leaving. Landlords also have the right to raise the rent as they see fit without worrying about breaking an agreement with the tenant.
Of course this flexibility also works the other way: tenants will always be vulnerable to things like rent increases or being asked to leave (after a 30-day notice) should the landlord need to impose such actions. Landlords can also find themselves in the losing end of a month-to-month agreement because this allows a tenant to leave whenever he wants, which puts the landlord in the position of having to find a new renter, which can sometimes take a long time.
Choosing between a lease agreement and a per-month agreement varies greatly from person to person. To determine the ideal set-up for you, you need to figure out your current priorities, and also have an idea of what prospects you may have in terms of factors like family and career.
Jillian Cariola, Writer
(cover image by Christopher Hall)
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