Renting an apartment is an exciting first in your adult life, but the legalities can be intimidating if you’ve never been through the process before. After you’ve found the right place, you’ll have to sign a lease, which is an important document outlining both your rights and your responsibilities as a renter. Below are a few things you should know about leases before signing one for your first apartment.

A Quick Guide to Apartment Leases

What Is a Fixed-Term Lease?

Fixed-term leases give you the right to live in a property for a certain period, usually six months to a year. These arrangements provide peace-of-mind and legal protection against eviction, as long as you don’t violate the terms of the lease.

However, moving out early can be expensive, so if you’re not sure how long you’re going to live there, you may want to ask for a month-to-month agreement. With a month-to-month lease, either you or the landlord can end the arrangement at any time.

What Is a Guarantor?

If you don’t have a significant rental history or strong credit, the landlord might ask you to find a guarantor to sign the lease. A guarantor is similar to a cosigner on an auto loan. They are someone who promises to pay all monthly charges if you can’t afford the rent or move out early.

What Is the Security Deposit Used For?

Landlords typically ask for a security deposit, which is intended to protect the value of the property and their investment in it. If you cause excessive damage to the property or break the lease, the landlord will usually be able to keep the deposit. They use that money for repairs or to supplement the amount of rent they missed out on from losing you as a tenant. Otherwise, that money will be returned to you when you move out.

If you’re looking for a great new apartment in the heart of Lexington, KY, Limestone Square offers comfortable, affordable homes with a variety of floor plans. Located directly across from the University of Kentucky Medical Center, this pet-friendly building is ideal for students or anyone looking for their first apartment. Visit their website to see their floorplans and prices, get more tips and advice about renting on Twitter, and call (859) 254-0101 to schedule a tour today.