Understanding a Lease

What is a lease?

A lease is a legal contract between you and the landlord. If you are looking for short-term rentals you will want to look for a month-to-month lease or an option to sublet an existing lease. Below are a few helpful resources to help you understand how to read a lease.

Apartments.com: “How to Read an Apartment Lease”

Apartment Guide: “Understanding Your Lease Before Signing It”

Apartment List: What is Subletting: An Overview + 10 Sublet Tips for 2023

Here are a few key things your lease or sublease should include: 

• Rent amount and due date

• Security deposit amount and due date

• Landlord and tenant names and contact information

• Terms of the lease (move-in and move-out dates, penalties for late payments or termination of the lease, etc.)

• Amenities and policies (i.e. parking, laundry, pet policy)

• Subletting rules and regulations

The process of finding a rental and signing a lease can feel overwhelming. Take your time, ask for advice from your employer or local contacts, read all documents thoroughly, and do not hesitate to ask clarifying questions or walk away from a situation if it does not feel like the right fit for you.

things to consider

Below are a few helpful tips to consider before you sign a lease.

• Make a budget. Consider the cost of rent when exploring rental options. Here are resources for developing a budget. 

• Do your research. As you look for places to live you will want to consider:  

  • Location

  • Cost - Cost of Living Resource: Numbeo.com

  • Amenities and Policies - For example, if you have pets look for pet friendly options. Many rentals that allow pets require an additional fee. 

  • Accessibility

  • Safety

  • Transportation  - If you have your own vehicle, is parking available and is there an additional cost for a parking pass? If you do not have a vehicle, what is the distance to the nearest bus stop? Is the area pedestrian or bike friendly? Are ride shares readily available? Consider potential costs for these in your budget.

• Determine the best type of housing for your needs.

  • Do you need roommates? If so, do you need to find your own roommate(s) or can they pair you with someone? 

  • How many bedrooms are you looking for?

• Tour potential options. See the place in person. If you are unable to go in person, ask for a virtual tour.

• Choose the property that is the best fit for you! Many rental properties will require you to apply, so be sure you are aware of deadlines and fees for the application processes. At this time the landlord may also ask for a co-signer. You will be notified by the landlord if you have been approved for the property and will be required to sign a lease.