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How To Decide On A Lease Length In Bloomington

October 27, 2020

Patio view in Bloomington apartment

When you’re looking for a Bloomington apartment, you have numerous questions to ponder. In what neighborhood do you wish to live? How much space is right for you? What are the basic amenities you need? And don’t forget, what lease duration would you like?

Luckily, it’s not difficult to decide lease length in Bloomington when you consider the positives and downsides of short and lengthier leases. Keep reading to learn about these leasing options and how to decide which is right for you. 

Bloomington model living room
 

Is A Short Lease Best for Me?

Not sure you want to commit to a long lease? A shorter agreement will likely be the smarter choice for you. These options are for fewer than six months. Leasing agreements of one month are commonly described as month-to-month leases, meaning they run out and must be extended every month.

Short-term lease options offer Bloomington Residents plenty of freedom since you aren’t tied down for very long. You could be interested in a short-term rental like this if you are facing a major change in your life like beginning a new job in a different town. An additional situation you might need a short lease is when you already sold your house but can’t move into your new one yet.

The biggest drawback to short leases is that they typically cost more. Additionally, leases of six months or less are more difficult to find, so you might have to settle for a location that isn’t ideal just to find the lease duration you require.

Short-term options are smart for Residents who seek a temporary residence and have definite plans for obtaining a home or longer-lasting solution.

Bloomington model kitchen
 

Is A Long Lease Right For Me?

Many people who are trying to decide on lease length in Bloomington go with a long lease. These arrangements typically last between six months and a couple years and benefit you in many ways.

Your monthly payments are usually more affordable. Longer lease terms are also frequently available, so you can expect to locate a place you enjoy when you’re willing to sign longer leases.

The primary downside to a long lease is the inflexibility. You agreed to pay for a certain number of months. If your plans change, and you need to break your lease, you will probably need to pay a hefty charge.

Bloomington patio view
 

How Can I Decide On The Right Lease Length for Me In Bloomington?

The best lease length for you accommodates your current situation as well as your future plans. You should answer the following questions to identify your needs and whether a short lease or long lease works best for you:

  • How many months do I expect to reside in my apartment?

  • Can I afford higher rent for a shorter lease?

  • Can I think of any reason why I might have to relocate quickly and cut the lease short?

  • In the event I was to break a long-term agreement, can I afford the fees?

  • Does a temporary rental make sense, or am I better off with a more permanent solution?

  • How hard will it be for me to acquire a short lease in Bloomington?

  • Would I take something that isn’t my first choice so I can enjoy the convenience of a shorter lease agreement?

Get The Best Lease Length For You In Bloomington

Whether you need somewhere to stay while dealing with an important life moment or a place to settle down and call home , Echo Park Bloomington Apartments has ideal lease options for you. Schedule an appointment with one of our leasing specialists by placing a call to 812-578-7394 or by using the “schedule a tour” button.