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Commonly Asked Questions about Apartment Leasing

The main difference between a lease and rent agreement is the period of time they cover. A rental agreement tends to cover a short termusually 30 dayswhile a lease contract is applied to long periodsusually 12 months, although 6 and 18-month contracts are also common.
A long-term lease is a good option for renters who know they want to stay in one place for a longer period of time. These lease agreements provide: Stability When you stay at one apartment for a while, you have more stability because youre able to plant roots and know you wont have to move frequently.
If stability is your main priority, a lease may be the right option. Many landlords prefer leases to rental agreements because they are structured for stable, long-term occupancy. Placing a tenant in a property for at least a year may offer a more predictable rental income stream and cut down on turnover costs.
Leasing can provide you more vehicle options and be cheaper than renting for the typical lease term of two to four years. Rentals can be better for shorter term needs or if you need a car immediately.
Leasing and renting are similar and sometimes used interchangeably, but there are some subtle differences between the two, like the length of tenancy. A lease is generally a long-term agreement while a rental agreement can be on a month-to-month basis.
Brokers. One of the most common methods of finding an apartment in New York City is using a real estate broker. If you know what neighborhood you want to live in, its usually best to find a broker based there. Many brokers also have websites where you can view available apartments.
In a rental agreement, the tenant pays a fixed monthly rent, and utilities and some services may be included. In a leasing agreement, the lessee pays a fixed monthly lease payment, and they may have additional expenses such as utilities, maintenance, and repairs.
Stability is the key advantage of a lease. Youre entitled to stay in your home through the duration of the contract. Its an ideal arrangement for someone who knows they want to stay in a place long-term. No rent increases.