3 Things To Know If You Do Not Think You Can Commit To A One-Year Lease

If you need a place to live but are not certain if you can commit to an entire year, you may want to read over the lease of the unit you want to rent before you sign it. There are usually penalties involved when you move out of an apartment before your year is up, but these penalties can vary. Here are several things to know about this.

The common types of penalties

The lease you sign for an apartment will outline the penalties for breaking the lease, and here are several types of common penalties you might experience for breaking your lease:

  • You lose your security deposit
  • You must pay all the money due for the remainder of the entire lease

Losing your security deposit might not be a huge deal to you, but having to repay the remainder of the lease could be devastating. It's always important to know this when you sign a lease, especially if you think there is a good chance you might have to move out early.

Subletting might be an option

Some apartment managers allow tenants to sublet their apartments, but there are also some that do not. Subletting involves a tenant renting the apartment to someone else for the remainder of the lease. In this situation, you would have to find someone that is willing to move in the apartment and pay the rent and the bills for the rest of the lease. If you can find someone to do this, and if this is allowed in your lease, you could avoid the penalties involved with breaking your lease.

You could look for a month-to-month apartment

The only other option you have is to look for an apartment that offers a shorter lease, such as six months, or an apartment that offers a month-to-month lease. With a month-to-month lease, you wouldn't have to worry about moving out early; however, you may be required to give your landlord 30-day's notice before you vacate the unit. This is something that would also be outlined in the lease you sign, so you should make sure you fully understand how this works before you rent the unit.

Renting an apartment is a big deal, and you should make sure you can fully commit to the terms of the lease you will be required to sign. If you are ready to find an apartment that meets your needs and budget, call an apartment manager for apartments like Meadowdale Apartments.