A tenant looking for a long-term lease may be discouraged by the flexibility of a multi-month lease, which may subject them to frequent rent increases or indeterminate tenancy periods. For homeowners, the cost of more frequent rents, including advertising, screening and cleaning costs, should also be kept in mind. If your rent is located in an area with lower occupancy rates, you may also have difficulty renting your home for long periods of time. Termination – In most standard leases, there is no way for the tenant to terminate the lease. In case there is an option, usually it will come for a fee or fee for the tenant. Contracts can be written or oral, and rent is paid monthly. Some rental units, including residential hotels, may offer week-to-week rental contracts. Leases give both parties the freedom to benefit from a monthly housing agreement. A tenant can enjoy the freedom to live somewhere for only one or two months. Similarly, a landlord may only need a few months of tenant occupancy before starting the renovation in the spring.

A fixed-term tenancy agreement is a kind of rental agreement by which the tenant agrees to stay and pay the rent for the time specified in the written contract. Unlike a long-term lease, a lease provides a lease for a shorter term – usually 30 days. For tenants, a monthly lease gives you the flexibility to move in just four weeks without penalties. A typical 12-month lease is conditional on the condition that if you break the lease and move before the 12 months are completed, you pay an early termination fee. With TransUnion SmartMove, you can increase your chances of identifying financially and personally responsible tenants. Owners receive a rental credit report, a penalty report, an eviction report, an income Insights report and a residentScore to help them make a well-informed rental decision – long or short term. Before moving to a rented apartment, many landlords ask their tenants to sign rental agreements. A tenancy agreement is a contract between the tenant and the lessor that gives a tenant the right to reside for a specified period of time in a property that usually includes a tenancy period of 6 or 12 months. A contract between the landlord and the tenant binds the parties to the tenancy agreement. A lease offers both parties greater long-term security. A lease offers more flexibility.