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How To Decide On A Lease Length In Bloomington

October 27, 2020

Patio view in Bloomington apartment

If you have started the search for a Bloomington apartment, you have a multitude of choices to consider. Where do you wish to live? How much living area do you need? What are the basic amenities you need? And don’t forget, how long of a lease are you looking for?

Fortunately, it’s not difficult to decide lease length in Bloomington by thinking about the advantages and disadvantages of both short and long leases. Here is what you should know about these leasing options and how to decide which makes the most sense for you. 

Bloomington model living room

Does A Short-Term Lease Make Sense?

Are you hesitant to agree to a long lease? A short lease might be the smarter choice for you. These leases have a duration of six months or less. Leasing agreements of a single month are commonly described as month-to-month contracts, which means they expire and have to be extended by a certain time each month.

Shorter agreements offer Bloomington Residents a temporary solution since you aren’t tied down for an extended period of time. You could be interested in a short lease like this when in the middle of an important moment in your life like beginning a new job in another state. One more circumstance you could benefit from a short-term lease is if you’ve sold your residence but the new one isn’t ready yet.

The biggest drawback to monthly or short-term arrangements is that they are likely to have a higher monthly rate. Additionally, short-term leases are not as common, so you could get stuck in an apartment that isn’t your first choice just to enjoy the lease terms you require.

Short leases are smart for Residents who know their living situation is temporary and have already started the process for securing a home or longer-lasting solution.

Bloomington model kitchen

Do I Need A Long Lease?

A large percentage of apartment hunters trying to decide on lease length in Bloomington choose a long lease. Long leases commonly run between six months and a couple years and benefit you in many ways.

Rent is likely to be more budget friendly. Long-term deals are also easier to find, so you’re more likely to find a place you like when you’re willing to sign a long lease.

The main disadvantage to longer leases is the firm commitment. You signed the lease for a specified amount of time. When life takes an unexpected turn, and you need to break your lease, you will probably need to pay a steep fee.

Bloomington patio view

How Can I Decide On The Best Lease Length for Me In Bloomington?

The best lease length for you accommodates your current situation as well as your future plans. Ask yourself the ensuing questions to determine your needs and whether a short-term or long-term lease works best for you:

  • What length of time do I want to stay in my apartment?

  • What is the maximum rent I can pay for a shorter lease?

  • Are there circumstances where I might have to relocate quickly and break my lease?

  • In the unlikely scenario where I have to break a long lease, can I afford the fees?

  • Do I need a rental for a couple of months, or am I looking for a place to settle down?

  • Can I acquire a temporary lease in Bloomington?

  • Would I take something that isn’t my first choice in order to have the flexibility of a shorter lease agreement?

Find The Right Lease Length For You In Bloomington

Whether you want somewhere to stay while making an exciting change in your life or a spot you can live for a long time , City Flats at Renwick has smart lease choices for you. Arrange a meeting with a knowledgeable leasing agent by dialing 812-578-7432 or by clicking the “schedule a tour” link.