Why You Should Sign a Multiyear Lease on an Apartment

Usually, people sign one-year leases while renting an apartment. This allows the renters to shift houses every twelve months. But there are some downsides to renewing the lease every year. For example, when you renew the lease, chances are you’ll have to pay higher rent than last year. Besides, you won’t get your peace of mind. But with multi-year leases, there won’t be such problems. Instead, it’ll give you more stability and financial benefits.

Top 3 Reasons to Sign a Multi-year Lease

1.   Cheaper Rents

Finding a new tenant every twelve months is undoubtedly a pain in the neck for landlords. Because to find a new tenant, landlords have to market their property, hire an agent, clean the apartment, etc. Besides, landlords have to do a lot of screening before selecting the perfect tenant for their apartment, and trust me, this takes a lot of time and effort. That’s why to get rid of all these hassles, most landlords like a multi-year lease.

If you opt for a multi-year lease, chances are your landlord will give you some discounts on the rent. As a result, you’ll be able to save money on rent that you couldn’t do if you opted for a one year lease.

2.   Stable Rent

Property taxes and other expenses tend to rise every year, and property managers or landlords try to compensate for the increased costs by increasing the rent. But when you sign a multi-year lease, you won’t have to think about an increase in rent every year.

Once you sign the multi-year contract, the rent will be the same for at least two to three years. But when you sign a one year lease, the landlord will increase the rent while renewing the contract every year, and it’ll create a financial burden on you.

Again, when you sign a multi-year lease, you’ll be able to do your financial forecasts accurately, which will lead to more stability.

3.   Peace of Mind

As I mentioned above, one of the key benefits of the multi-year lease is that you won’t worry about increase in rent every year. Besides, this can be enticing when your area or neighborhood is going through a decline in vacant houses.

Again, changing a house isn’t always easy. To shift from one house to another, you’ll have to contact listing agents, pay application fees and deposits, pack and relocate all your furniture to the new house, and so on.

But when you sign a multi-year lease, you’ll be free from all this stress for at least a couple of years. Besides, whether it’s a pandemic or market crash, you won’t have to worry about the increase in rent at all. And all these will ensure your mental peace.

Disclaimer: Speak to an attorney before renting with a multiyear lease or signing a multiyear lease. There are different requirements for 12-month leases vs multiyear leases.

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