How To Decide On A Lease Length In Bloomington

Fortunately, it’s fairly simple to decide lease length in Bloomington by considering the advantages and disadvantages of both short and long leases. Learn more about these leasing options and how to determine which is right for you. 

Is A Short Lease Best for Me?

Having trouble committing to a long lease? A short-term contract will probably be better for you. These leases have a duration of six months or less. Leasing agreements of 30 days are called month-to-month leases, which means they expire and have to be extended every month.

Shorter agreements offer Bloomington renters the most flexibility since you aren’t tied down for more than a few months. You probably need a short-term rental when faced with a major change in your life like beginning a new job in a different town. An additional situation you could require a shorter rental is if you’ve sold your residence but the new home is still being finalized.

A primary downfall to shorter contracts is that they are likely to have a higher monthly rate. Additionally, shorter lease deals are more difficult to find, so you could get stuck in a place that isn’t the best option just to enjoy the lease terms you desire.

Leases between one to six months work best for tenants who seek a temporary residence and have a plan in place for obtaining a more permanent residence.

Should I Choose A Longer Lease?

Many people who are trying to decide on lease length in Bloomington choose a long lease. These arrangements typically last between six months and a couple years and have a range of benefits.

Rent is typically less expensive. Long leases are also frequently available, so you can expect to locate an apartment you prefer when you’re open to signing long-term leases.

The drawback to a long lease is the firm commitment. You are in agreement for a certain number of months. When life takes an unexpected turn, and you need to break your lease, you can expect to be faced with a hefty charge.