Ask the Rental Pro: Apartment lease terms
By Justin Hammer, Residential Regional Manager
In the this edition of the Ask the Rental Professional series, Minot Regional Property Manager Justin Hammer offers his expertise to those wondering about the terms of their rental lease.
Q: In renting an apartment, what is usually the policy when my lease is up? Will it automatically convert to a month-to-month agreement or will we have to sign a new lease?
A: When a lease has reached its expired period a few different things may occur. The big thing to remember is that this should be outlined within your lease agreement and may vary between property management companies.
Here at IRET, our lease will automatically renew on a month-to-month basis unless either party gives the other at least 30 days prior written notice of its election to terminate the Lease on the Lease Termination Date. Usually you will receive a renewal notice 45-60 days before the expiration date outlining your options.
In most cases you will be offered a 6 or 12 month lease or an option to stay month-to-month. Each option will usually offer different rental rates. If these options do not fit your needs and you will be vacating at the end of your lease term, you will still be responsible for giving a written 30-day notice to terminate the Lease. It is a good practice to stay in touch with your property contact or Community Manager so all parties involved know what is happening and what your wishes may be.
Have a question for the IRET Properties Apartment Professionals? Submit it via email here.