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How To Decide On A Lease Length In Broad Ripple

October 27, 2020

Patio view in Broad Ripple apartment

When you’re looking for a Broad Ripple apartment, you have a multitude of choices to consider. In what neighborhood do you wish to live? How much living area do you need? What amenities do you require? And of course, what lease duration do you want?

Luckily, it’s easy to decide lease length in Broad Ripple by thinking about the advantages and disadvantages of short-term and long-term leases. Keep reading to learn about these two types of leases and how to decide which makes the most sense for you. 

Broad Ripple model living room
 

Does A Short-Term Lease Make Sense?

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

Shorter agreements offer Broad Ripple Residents the most flexibility as you aren’t committed for an extended period of time. You might want a short-term rental like this if you are facing a significant life change like beginning a new job in a new city. Another time you could benefit from 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. In addition, shorter lease deals are not as common, so you might end up in a location that isn’t ideal just to get the lease length you require.

Short leases work best for tenants who know their living situation is temporary and have a plan in place for acquiring a more permanent residence.

Broad Ripple model kitchen
 

Is A Long Lease Right For Me?

Most apartment seekers trying to decide on lease length in Broad Ripple opt for long-term contracts. Long leases typically last between six months and a couple years and have a range of benefits.

Your monthly payments are typically less expensive. Long leases are also more commonplace, so you’re more likely to find a location you like when you’re willing to sign a long lease.

The main disadvantage to longer leases is the inflexibility. 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 are likely to be faced with a hefty charge.

Broad Ripple patio view
 

How Do I Decide On The Best Lease Length for Me In Broad Ripple?

The best lease length for you accommodates your current situation as well as your long-term expectations. You should answer these questions to determine your needs and whether a short lease or long lease works best for you:

  • How many months do I expect to reside in my apartment?

  • Can I afford higher rent for a shorter lease?

  • Is there any reason I might have to move suddenly and break my lease?

  • In the unlikely scenario where I have to break a long-term agreement, can I handle the additional charges?

  • Do I need a place to stay temporarily, or am I better off with a more permanent solution?

  • Can I get a month-to-month or short-term lease in Broad Ripple?

  • Would I accept a less ideal location just for the flexibility of a shorter lease agreement?

Get The Best Lease Length For You In Broad Ripple

Whether you are looking for a short-term apartment while making an exciting change in your life or a location you plan to live at for years , Park 66 Flats has the right lease for you. Arrange a meeting with a friendly member of our team by calling 317-820-2209 or by using the “schedule a tour” button.