How To Decide On A Lease Length In Bloomington

Luckily, it’s fairly simple to decide lease length in Bloomington by thinking about the pros and cons of short-term and long-term leases. Here is what you should know about these different lease choices and how to figure out which is best for you. 

Is A Short Lease Best for Me?

Not sure you want to commit to a longer lease duration? A short lease will likely work for you. These options are for one to six months. Short leases of one month are called month-to-month leases, meaning they expire and must be extended each month.

Short leases offer Bloomington Residents a temporary solution as you aren’t committed for very long. You could be interested in a short-term rental like this if you are facing a major change in your life like beginning a new job in a different town. One more circumstance you might need a short lease is when you have sold your residence but the new home is still being finalized.

An important disadvantage to monthly or short-term arrangements is that they are likely to have a higher monthly rate. Additionally, short-term leases are less prevalent, so you might end up in a location that isn’t ideal just to get the lease length you want.

Short-term options make sense for tenants who seek a temporary residence and have already started the process for securing long-term accommodations.

Is A Long Lease Right For Me?

A large percentage of apartment hunters trying to decide on lease length in Bloomington choose long-term contracts. Long leases are usually up to two years and have a range of benefits.

Your monthly payments are typically less expensive. Longer lease terms are also easier to find, so you have a greater chance of finding a location you prefer when you’re open to signing longer leases.

The drawback to longer leases is the firm commitment. You agreed to pay for a certain number of months. If your job or personal life changes abruptly, and you have to move out, you can expect to pay a hefty charge.