When it’s time to find a new apartment, you’ll likely come across 12-month lease apartments. For one reason or another, you may not want to commit to a full year in the same apartment. If you’re looking for a short-term lease, you possibly could find an apartment with six-month leases that will provide a little more flexibility with a shorter contract period.
Just like everything else, six-month leases have their pros and cons and they may or may fit your life â depending on where you’re at in life and what you need in an apartment.
Keep reading to see if a six-month lease apartment is right for you.
What are 6-month lease apartments?
A six-month lease apartment is an apartment that offers short-term leases that are only six months long rather than the typical 12-month lease or a pure month-to-month agreement.
The pros of 6-month lease apartments
There are lots of positive reasons to choose a six-month lease apartment over a typical 12-month lease. Here are some of the best things about them.
Flexibility for any situation
If you’re in a situation where you’re not sure how long you’ll be living somewhere, short-term apartment rentals are a great way to go.
You may move to a new city and want to feel it out before fully committing or maybe you’re looking to buy a house, but aren’t sure how long you’ll be looking before you find one. In any case, a six-month lease apartment makes it so you aren’t tied down for a whole year.
After six months, you can decide whether or not you like the apartment and the area and sign a new lease. Or if you don’t like it, you’re free to move onto greener pastures.
Changing terms
You may have found a place you like living in for the most part, but there are always a few things that could use changing in the lease terms. Once you’ve lived there for a few months, you’ll probably have a list of lease terms you’d like to change.
Maybe there’s something you’d like to add or remove from your rental contract, such as you’d like to see a few cosmetic updates or you’d like to get a pet.
You can re-negotiate the terms after 6 months, once you’ve gotten a feel for the apartment and know what else you want (or don’t want).
Easy to renew
Making a shorter commitment makes sense for some people. Even if you’re planning on living in the same apartment for a few years, just the thought of being able to move without worrying about breaking your lease makes it less stressful when apartment searching.
Cons of 6-month lease apartments
While there are many great things about six-month apartment leases, there are also some drawbacks.
Possibly more expensive
Since landlords know those looking for shorter-term leases are looking for flexibility, they also know that many short-term tenants are willing to pay for that flexibility.
You may end up paying a little more in rent each month for a six-month lease or you might have a higher deposit to pay upfront.
Changing terms
It is nice for you to ask about adding or removing certain terms from your contract if you decide to re-sign a six-month contract, but your landlord can also pose changes of their own, such as rent increases or new policies in the lease contract that they may decide not to negotiate about.
Frequent credit pulls
Some landlords will do a credit check every time you renew your lease, which can affect your credit score over time. After having your credit pulled, it usually takes at least three months for it to bounce back.
It can sometimes take a year or longer for credit scores to go back to normal, so if landlords are inquiring about your credit frequently, just know you might have a hard time keeping your credit score up.
Risk of not being able to renew
While most apartments will let you renew if you’re a good tenant, some reasons exist why they won’t let you.
Renovations or new building ownership often come into play when renewing is not an option. So if you were planning to renew for another six-month term, but your apartment won’t allow you to renew, you may find yourself moving frequently or suddenly scrambling to find a new place to live.
Fewer options
If you’re looking for a six-month lease apartment, they’re typically harder to find than those with 12-month leases.
Short-term apartment rentals have lower inventory and move pretty quickly on the market, so you may end up looking for a while before you find one that works for you.
Who should rent 6-month lease apartments
A six-month lease apartment might be the best option for you if:
- You’re planning on purchasing or building a house and aren’t sure when you’ll be moving into your new home
- You’re a student and will be studying in the area for only a semester
- You recently relocated to a new city and want to explore the area before deciding on a place to call home
- You don’t like living in the same place for long and enjoy exploring new areas
There are other reasons why a short-term apartment rental might be a good option, it will all depend on what’s happening in your life.
How to find 6-month lease apartments
Finding a six-month apartment lease is a challenge and take time, but finding the right one to fit your needs is still possible! So don’t waste any time â check out short-term apartments now and start planning your move!
The post 6-Month Lease Apartments: Pros and Cons of Short Term Rentals appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
Source: apartmentguide.com