4 Things You Must Know Before Signing an Apartment Lease
A conducted study revealed that 17 out of 23 major metropolitan areas would rather rent and reinvest than own. Instead of buying a home, renters can save money and invest the money they would have otherwise spent on homeownership. For this reason, a rental lease might be the best option for you!
Before you sign an apartment lease, however, it’s ideal to know all of the ins and outs of your lease agreement. In the guide below, there are several things you should know before you sign a lease. Continue reading to learn more!
1. There Are Various Lease Options
Before you sign a standard 12-month lease, you should know that there are more options available. Different apartment communities offer their own lease agreements, so always ask what the options are before making a final decision. For example, a 3-month, 6-month, and 12-month lease are common lease options.
Everyone has their own specific rental needs and should determine which is best for their lifestyle. Keep in mind that longer leases tend to offer cheaper monthly rates.
2. There Are Options For Breaking It
A lease agreement is a contract that you sign yourself to. You need to read through the entire contract before signing it. Each apartment complex will have its own unique lease, so make sure to read all of them.
Although you’re signing an agreement, there are options for breaking it. You’re not as tied down to the lease as you might believe. Speak with the apartment complex about the different options you have for breaking the lease if needed.
3. There Are Fees and Deposits
A rental application fee is required by all apartment complexes. This fee is normally around $35 or so per applicant. There will also be a required deposit to plan for as well.
Most deposits are around $200, but certain conditions may apply that change this amount. If you have pets, then you should ask the complex about pet fees. Pet fees tend to be a one-time charge that you pay when moving in to cover any pet damages that might occur.
4. You Can Consider Renter’s Insurance
Some apartments will require you to purchase renter’s insurance, while others leave this decision in your own hands. Ask the complex if they have a renter’s insurance that they suggest. Renter’s insurance is usually a fairly inexpensive monthly fee that covers a variety of issues that might happen while living in your apartment.
Theft, water damage, fire damage, and vandalism are a few disasters that your renter’s insurance might cover.
Are You Ready to Sign a New Apartment Lease?
Moving into a new apartment is a special event that calls for a celebration! When you’re ready to sign a new apartment lease, make sure you review all the lease options, know the fees for breaking the lease and moving in, and consider the renter’s insurance.
At Montrose Square Apartments, we offer a variety of apartments and leases in a beautiful and quiet neighborhood. Click here to view our pricing and terms to see if our community is your new forever home.
