Searching for new apartments can be both exciting and frustrating because there are so many new possibilities; however, it’s essential to find the right place for your family among all the options. As exhilarating as it can be when you do find a beautiful apartment, you must read the lease carefully.

What to Know When Leasing New Apartments

What Is an Apartment Lease?

A lease is essentially a business contract between the owner or manager of the property and the lessee. It lays out the terms by which both you and the landlord or property manager — the lessor — must abide. Some leases are very simple and may be only one or two pages long, while other leases may be several pages long.

Longer leases usually cover many responsibilities in specific detail, but all leases will share certain components. For instance, every lease will define how long the lease shall be binding. This is usually a term of 30 days, six months, or one year. The lease will also include such details as your total rent amount for each month, the amount you’ll pay as a security deposit, who will be residing in the apartment, and whether pets are permitted. This document will even outline maintenance responsibilities and determine who will pay utilities.

What Are the Different Types of Apartment Leases?

Today, most of the owners and managers of apartments prefer a fixed-term lease. In this situation, the tenant is required to sign a lease for a specified period, such as six months or one year. If you leave early, this is considered to be breaking your lease and may subject you to penalties. You may also be held responsible for paying the full amount you would normally have owed in rent. For instance, suppose you pay $1,000 monthly for your housing and you have signed a 12-month lease; if you vacate the apartment after just six months, you may be obligated to pay the remaining $6,000 in addition to other penalties.

Alternatively, some landlords offer month-to-month leases that renew every 30 days. This means you can move out anytime without experiencing adverse financial consequences. However, if you don’t give the landlord 30-days notice, he or she may charge you an additional month’s rent. This type of lease offers more flexibility for the lessor and lessee.

What’s Included in a Typical Apartment Lease?

In addition to the basics, there may be additional issues covered in the lease. One common issue concerns the property owner’s access to the apartments for rent in his buildings. The lease may stipulate that the property manager is required to provide 24-hour advance notice to gain entry or outline routine safety inspections that may be required by state laws. Your lease may also address parking allowances, information about laundry facilities, and details about other amenities offered on the property.

Executive Estates Apartments offers luxury apartments in Fairbanks, Alaska. They offer a living community with more amenities than you would expect for singles, couples, and families. Their one-, two-, and three-bedroom apartments are welcoming and affordable. To read more about their apartments or download their rental application, you can visit their website. Alternatively, you can call (907) 479-3655 with any questions you may have about their apartments.