A lease term is a duration of time set out in the lease that designates the minimum amount of time you're expected to remain in the same rental unit.
Lease terms can be renewed after the full term is complete, however, there's usually a penalty for terminating a lease before the completion of the full term.
How long is the average lease term?
Lease terms can vary, but there are a few common parameters that you'll find universally. The most common lease terms are for one year or two years. Some short term leases are usually three-month or six-month terms. Additionally, month-to-month leases are rather common, especially following a completed long-term lease.
Are there leases without term commitments?
A month-to-month lease is the closest to a "no commitment" lease you'll be able to find rather easily.
A month-to-month lease is renewed every month, meaning that you have the opportunity to end the lease with no more than a 30-day notice at any given time.
Should you sign a long-term lease or a short-term lease?
With so many options of lease terms, it can be difficult to know exactly what is best. Here are some of the benefits of each.
Pros of singing a long-term lease
- Monthly rent is generally cheaper
- You have a guaranteed place to live for longer
Pros of signing a short-term lease
- More freedom to move
- Flexibility to change lease conditions as your life changes
Can you break a lease term?
Lease terms are written into the lease, which is a contractual agreement. Therefore, without direct consent from the issuer of the lease most likely the property owner you can't break a lease term. There's nearly always an associated lease penalty fee for breaking a lease term.