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How To Decide On A Lease Length In West Lafayette

October 27, 2020

Patio view in West Lafayette apartment

If you have started the search for a West Lafayette apartment, you have many decisions to make. In what area do you wish to move to? How much space would you like? What are the basic amenities you need? And most importantly, what length of lease are you looking for?

Fortunately, it’s fairly simple to decide lease length in West Lafayette when you consider the advantages and disadvantages of short-term and long-term leases. Learn more about these two types of leases and how to figure out which is best for you. 

West Lafayette model living room
 

Is A Short Lease Best for Me?

Not sure you want to commit to lengthier leases? A short lease will likely work for you. These options are for six months or less. Short leases of one month are typically referred to as month-to-month contracts, meaning they expire and have to be extended each month.

Short-term lease options offer West Lafayette renters plenty of freedom since you aren’t under contract for an extended period of time. You could be interested in a short-term rental like this if you are facing an important moment in your life like starting a job in a different town. An additional situation you could require a short lease is when you already 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 likely to have a higher monthly rate. Additionally, leases of six months or less are more difficult to find, so you could get stuck in a location that isn’t the best option just to find the lease duration you want.

Leases between one to six months work best for Residents who need an interim arrangement and have already started the process for securing a home or longer-lasting solution.

West Lafayette model kitchen
 

Do I Need A Long Lease?

Many people who are trying to decide on lease length in West Lafayette opt for a long lease. Long leases commonly run six months to two years and have a range of benefits.

Your rates are typically less expensive. Long leases are also easier to find, so you’re more likely to find an apartment you enjoy when you’re willing to sign long-term leases.

The drawback to longer leases is the lack of flexibility. You are in agreement for a certain number of months. When life takes an unexpected turn, and you need to leave before the agreed-upon date, you will probably need to incur a hefty charge.

West Lafayette patio view
 

How Do I Decide On The Best Lease Length for Me In West Lafayette?

The best lease length for you fits your current housing needs as well as your long-term expectations. Consider the following questions to consider your exact situation and whether a short-term or long-term lease makes sense for you:

  • How many months do I want to stay in my apartment?

  • How much can I afford for a shorter lease?

  • Are there circumstances where I might have to relocate quickly and cut the lease short?

  • In the event I was to break a long lease, can I handle the additional charges?

  • Do I need a place to stay temporarily, or is a long-term rental the right decision?

  • How hard will it be for me to find a month-to-month or short-term lease in West Lafayette?

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

Find The Right Lease Length For You In West Lafayette

Whether you need a temporary rental while dealing with an important life moment or a spot you can live for a long time , The Ivy Towns and Flats has the right lease for you. Arrange a meeting with one of our leasing specialists by dialing 765-300-4521 or by using the “schedule a tour” button.