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Apartment Lease vs Tenant at Will: Basic Guide

Apartment Lease vs Tenant at Will
Table of Contents

If you rent your home or place of business, you have certain rights and responsibilities outlined in your rental agreement. However, leasehold agreements vary; some apply very formal terms and conditions, while others may not even include a written lease. Before agreeing to any rental agreement, it’s important to learn everything you can about it to make sure it provides the best situation for your lifestyle. The most common terms of the tenancy are tenancy based on a lease and tenancy at will. But what are their differences? Here, we explore more about apartment lease vs tenant at will.

What is Apartment Leasing?

When you lease an apartment or other dwelling, like a single-family home, you sign an agreement with a landlord that states you’ll make rental payments under specific terms for an agreed-upon period of time. The document is referred to as a lease agreement or simply a lease. In the most basic form, a lease states who are entering the agreement, how much rent will be paid, when rent will be paid, and how long the renter will stay in the rental unit. However, a lease typically includes more information surrounding the terms of the agreement. 

The most common information in a lease agreement includes the following:

  • The name and contact information of the landlord and the tenants 
  • Description of the condition of the rental unit
  • Any terms and conditions that apply to using the rental property
  • Rent cost and how and when rent will be paid
  • Included services (if any)
  • Detailed information about late fees
  • Responsibilities of the tenant(s) and the landlord

Advantages and Disadvantages of Leasing

A lease agreement is one of the most common ways of entering a rental agreement. It’s a good option for tenants and landlords seeking stability in a rental situation. Since a lease can be as simple or detailed as a landlord wants to make it, both parties can make sure all relevant information is included. However, like every agreement, leasing comes with pros and cons.

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Pros

  • A lease dictates a start and end date of the tenancy
  • Rent typically doesn’t change during the agreed-upon rental period
  • Security from eviction – as long as you comply with the terms of the lease
  • A lease outlines your requirements and those of your landlord

Cons

  • A lease may include strict requirements
  • If you choose to leave before the lease term ends, you may need to make payments for the remainder of the term.

What is Tenancy at Will?

A tenancy at will is a property agreement that lasts as long as both parties want it to. Sometimes called a month-to-month rental, tenancy at will features a flexible agreement outlined in a written or verbal agreement. A tenancy at will often occurs when a lease term has expired, or family members or close acquaintances enter an informal agreement. 

The biggest difference between apartment leases vs tenant at will is that the latter has no formal timeframe. The landlord or tenant can terminate the agreement at any time. While a verbal agreement is legally binding, a written agreement is advisable to avoid any confusion about the rental terms. The document may be called a rental agreement or tenancy at will. The form should include the amount of monthly rent and the basic rules of the tenancy. 

Advantages and Disadvantages of Tenancy at Will

A tenancy at will provides more flexibility than a lease. This may be a more convenient solution for a tenant who expects to use the property for less than a year or a landlord who wants to sell or renovate the property soon. While a tenancy at will is typically less formal than a lease, it has pros and cons to consider. 

Pros

  • No formal time frame means you can leave with as little as 30 days’ notice
  • It’s an optimal situation if you’re searching for a home to buy or waiting for another rental to open up.
  • You may be able to move in more quickly

Cons

  • Your landlord can also terminate the agreement with little notice
  • Rental rates may increase without a long-term agreement

Apartment Leases vs Tenant at Will: Which is Best for You?

Any rental agreement is a legal contract that includes rights and responsibilities for both parties. For example, a landlord must provide an apartment that is safe, clean, and in compliance with the Massachusetts Sanitary Code. They must also keep up any promises in the lease or rental agreement and arrange with the tenant in advance to enter the apartment.

As a tenant, you have reasonable responsibilities that typically include accepting responsibility for damage to the property that goes beyond normal “wear and tear” and complying with specific terms of use for the property. A lease or rental agreement may also require you to invest in renter’s insurance. While your landlord may have homeowner’s insurance or landlord insurance, those policies won’t protect your belongings.

Renter’s insurance is a type of insurance that covers your personal property, liability claims, and additional living expenses if a unit is damaged. It’s important to note that a renter’s insurance is not required by state law and isn’t provided by your landlord. Even if your rental agreement doesn’t require it, renter’s insurance is a worthy investment that can protect you against losses to your personal property as a result of loss from theft, fire, and other unexpected events. 

Let LoPriore Insurance Agency Help You

The choice between apartment leases vs tenant at will is mainly based on your individual needs and circumstances. Both agreements provide tenants with reasonable rights and a safe living situation. Before you enter any legal agreement, make sure you understand the terms and agree to the responsibilities of both parties.

If you’re entering a new living situation, it’s always a good idea to contact your independent insurance agent to see how your new arrangements affect your risk profile. Interested in learning more about how renter’s insurance can help protect your belongings when renting a home or commercial property in Massachusetts? Get in touch with one of the friendly agents at LoPriore Insurance Agency. We make insurance easy!

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