How to Decide on a Lease Length in Broad Ripple

If you’re searching for a Broad Ripple apartment, you have a multitude of choices to consider. In what neighborhood do you wish to reside? How much living area would you like? What amenities do you require? And of course, what lease duration do you want?

Luckily, it’s not difficult to decide lease length in Broad Ripple by thinking about the advantages and disadvantages of both short and long leases. Here is what you should know about these two types of leases and how to figure out which makes the most sense for you.

Does a Short-Term Lease Make Sense?

Not sure you want to commit to a longer lease duration? A shorter agreement will probably work for you. These leases have a duration of one to six months. Short-term rentals of a single month are called month-to-month leases, since they run out and must be extended by a certain time each month.

Shorter agreements offer Broad Ripple Residents plenty of freedom as you aren’t committed for an extended period of time. You could be interested in a short-term rental like this when faced with a significant life change like beginning a new job in a different town. An additional situation you might need a shorter rental is if you’ve sold your previous home but the new home is still being finalized.

The biggest drawback to monthly or short-term arrangements is that they are usually more expensive per month. Additionally, short-term leases are not as common, so you might end up in a location that isn’t your first choice just to get the lease length you require.

Short leases make sense for tenants who seek a temporary residence and have a plan in place for acquiring long-term accommodations.

Do I Need a Long Lease?

Many people who are trying to decide on lease length in Broad Ripple opt for long-term contracts. Long leases commonly run between six months and a couple years and have many advantages.

Your monthly payments are usually more affordable. Long leases are also easier to find, so you’re more likely to find a location you enjoy when you’re willing to sign a long lease.

The drawback to longer leases is the lack of flexibility. You agreed to pay for a designated time frame. When life takes an unexpected turn, and you need to leave before the agreed-upon date, you will probably need to be faced with a hefty charge.