Renting Vs. Leasing a House
Looking for a house to rent entails considering many factors. Deciding on where you want to live, the size of the home you need and the school district are only a few of the important details to analyze. It's also important to consider whether you need a rental agreement or a lease agreement and whether the landlord is willing to sign the one you want.
Lease Agreement
A lease is a legal contract to rent a house for a specific length of time, typically one year. The rental price advertised is normally for a lease, unless otherwise specified. During the term of the lease agreement, the landlord cannot increase the amount of the rent you are paying, but will have to wait until the term expires and before you sign a renewal. Also, you may not be evicted unless there is a reason, such as misconduct or a violation of a provision of the lease. The owner of the property cannot sell it and kick you out for the new owners to occupy, unless this was agreed upon in the lease. Otherwise, it can be sold to another investor who agrees to uphold all provisions of the contract. Therefore, a lease gives you security. However, you also cannot move out in the middle of a lease. If you do, then you could owe the landlord rent until another suitable tenant is found.
Rental Agreement
A rental contract that is not a lease is usually a month-to-month agreement. When you don't sign a long-term lease, your monthly rent may be higher than with a lease. It is expensive to turn over a rental to new tenants, so the landlord mitigates any future losses by raising the rent. Also, on a month-to-month agreement, your rent may be raised, you may be evicted or any provision may changed with a notice of usually 30 days, depending on your state's laws. The benefit of a rental agreement is that you can vacate at any time with a 30-day notice.
Considerations
Be aware that, if a lease agreement has expired, but you have not signed one for a new term, your old lease will default to a month-to-month agreement in most states. This means you will not have the security of a long-term contract. To ensure that this doesn't happen, contact your landlord one month before your lease will expire and ask for a new one to review to ensure that no provisions have changed. Sign it on the date that your old lease expires and have your landlord sign it, then make a copy for your records.
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