The standard of tenure of lease of apartments for students is ten months beginning the 15th of August to 15th of May. For those attending summer classes, another lease contract is executed for two months, unless the student opts for a full year lease contract. Some apartment owners allow graduating students to stay until graduation day without additional rental.
Owners do not favor short-term contracts because they will find it difficult to look for new renters in the second semester of the academic year. Students who rent apartments become regular renters until they graduate from college. They just renew their contracts every year.
Pros of a full-year contract of lease
- A full year is the longest period allowed for students, thus making the rental rates lower. Short term-contract during summer and one-semester contract have higher rates. This is so because the owner has to prepare the unit for the next occupant and that will mean expenses.
- A year lease protects the student from rent increases for the duration of the lease contract. Students must make sure this is stipulated in the contract.
- It is easier to find one-year lease apartments because this is the most standard.
- Landlord are willing to haggle over costs and policies of the rent as long as the agreement is for a full year.
Cons of a full-year contract of lease
- It is less flexible. Should unexpected and attractive career or education opportunities come along, you cannot just break your contract of lease. That would tantamount to breach of contract. You have to forfeit your last month payment.
- When you break your contract of lease you will be liable to paying the landlord for expenses incurred while finding a new tenant.
Students should always review the lease contract before signing. Read the contract thoroughly. Be aware of the restrictions and procedures. It would be best if the terms and conditions be detailed clearly to protect both parties. It must contain provisions like inevitable breaking of a lease because of family responsibilities and you have to quit college or you are renting it for a full year and you want to sublet it during summer. What are the charges? If you want to add roommates will there be additional rent? What is the owner’s policy on pets? These are questions you should be clear about with the owner before signing the contract.