Rental Lease Terms
By familiarizing yourself with these key terms before signing a lease agreement, you'll be better equipped to protect your rights and navigate the landlord-tenant relationship with confidence. If you have any questions or concerns about the terms of the lease, seek clarification from the landlord or a legal professional before signing.
- Lease: Your lease is the contract you sign, enabling you to live in an apartment for a fixed period of time – usually 12 months. This is where you and your landlord agree to things like the price of rent, regulations regarding pets, and various community rules. Neither you nor your landlord can change the terms of the lease without consent from the other.
- Security Deposit: The security deposit is a refundable amount paid upfront to the landlord to cover any damages beyond normal wear and tear or unpaid rent. Familiarize yourself with the amount of the security deposit and the conditions under which it will be returned to you at the end of the lease term.
- Renters Insurance isn't always required, but it's a good idea. It covers your personal belongings in case of theft, fire, or other disasters. Your landlord's insurance won't cover your stuff, so it's worth considering.
- Late Fees: Many lease agreements include provisions for late fees if rent payments are not made on time. Make sure you understand the amount of the late fee and the grace period, if there is one, before late fees are imposed.
- Landlord: This is the person who owns the property you’re looking to rent. You may deal with your landlord directly when you’re renting, or you may deal with a property manager, the person your landlord has hired to run their rental property for them. You pay your monthly rent to your landlord or property manager.
- Tenant: This is (presumably) you! The person who occupies the property rented from a landlord.
- Lessor vs. Lessee: When it comes to renting an apartment, the lessor is the landlord (the person who collects the rent) and the lessee is the tenant (the person who pays the rent).
- Lease Term: This specifies the duration of your tenancy, whether it's a fixed term (e.g., one year) or a month-to-month agreement. Understanding the lease term is crucial, as it determines how long you'll be responsible for paying rent and abiding by the terms of the lease.
- Guarantor: This is the person (usually a close friend or family member) who co-signs a lease, agreeing to pay the tenant’s rent if the tenant cannot or does not pay their own rent. Co-signing with a guarantor is a popular solution for many renters with no credit.
- Breaking the Lease: This is typically when you want to move out of your apartment before your lease term is over. How to break your lease without penalty is usually outlined in the terms of your lease.
- Sublease: When you sublease your apartment, you are transferring a portion of your existing lease to another tenant. Make sure your landlord agrees to this before you begin looking for someone to sublease your apartment.
- Short-term Lease: A short-term lease is considered anything less than the standard 12-month lease.
- Tenant Rights and Responsibilities: The lease will detail your rights as a tenant, such as the right to quiet enjoyment of the premises, as well as your responsibilities, such as maintaining the property in good condition and adhering to the rules outlined in the lease.
- Termination and Renewal: The lease agreement will outline the process for terminating the lease early, including any penalties or notice requirements. It may also include provisions for renewing the lease at the end of the term, such as giving advance notice to the landlord.
- Intent to Vacate: This is the notice you give to your landlord or property manager when you plan to move out of your apartment. The typical notice is usually 30 or 60 days before your move-out date. Check your lease for more specifics.
- Landlord Access: This section specifies when and under what circumstances the landlord or property manager may enter the rental unit, such as for repairs or inspections. Understanding your rights to privacy and the landlord's right of access is important for maintaining a respectful landlord-tenant relationship.