An apartment lease is a legal contract that outlines various rules agreed upon by the parties involved i.e. the property owner and the tenant. A lease agreement states the duration of renting the apartment, amount of rent to be paid on a monthly basis, security deposits, pet policies, parking lot access, pool privileges and other details of the rental apartment.
Essential things that every prospective renter should know about an apartment lease before signing it are:
- Termination And Renewal: An apartment lease agreement is usually for a 12-month period but may vary at the behest of the property owner and tenant. For renewal, it is usually required that the tenant should provide the property owner a 30 to 90-day prior notice for the same.
- Fixtures Provided: Check the lease agreement for fixtures that will be provided in the apartment. Permanent kitchen appliances like a dishwasher, oven, and stove are usually provided in apartments but you may need permission for removable fixtures like pool equipment, window shades, furniture on rent, appliances left behind by previous tenants, etc.
- Security Deposit: The amount of security deposit to be paid may vary depending upon state law. Also, check the lease for information on when you will get your security deposit back; usually within 30 to 60 days of vacating an apartment.
- Grace Period: This refers to the amount of time a tenant is granted to pay rent after the due date without any penalty; it varies from state to state. Failure to pay rent after the grace period entitles a property owner to charge a late fee or terminate the lease.
- Guest Policy: Lease agreements include conditions on the number of guests allowed to sleep in an apartment and the maximum number of occupants allowed to stay in it. Some lease agreements even pose restrictions on the number of days that guests can stay in an apartment.
- Pet Policy: For those with pets, look for restrictions on breeds, sizes, types of animals allowed and the monthly fee required in addition to rent.
- Tenant Insurance: Check whether the lease agreement requires you to get renters insurance. However, it is recommended to get insurance even if not required by the property owner.
Lone Star Realty & Property Management, Inc. offers a variety of apartments on rent. The agents assist the tenants in understanding the terms of the apartment lease. For further details on an apartment lease, visit 1020 West Jasper Drive, Killeen, TX – 76542. You can also call at (254) 699 - 7003.