Fixed Term Lease
Notes and Explanation
The one and only advantage of a lease is that it keeps tenants from leaving in the middle of winter. Winter is when you’re going to have to offer the apartment for a lower rent to satisfy weaker demand. You may have a longer vacancy, as well. (The same applies if you’re an absentee manager and there are long periods of the year when you’re unable to deal with turnover.) Leases have every other disadvantage. They’re big commitments that deter new renters. If there’s a problem, you must have a cause and a lease paragraph that allows termination; if the lease failed to envision something, you could be stuck. Finally, leases make tenants antsy prior to renewal. Some will want to stay another three months, which would have turned into two years, but instead they’ll jump ship and give you notice. So unless you’re in a situation where you cannot be actively responding to your customer’s needs, we strongly recommend against signing your tenants to a lease.
Notes About This Downloadable Lease
You can compare this lease to the “tenancy at will.” We kept the paragraph numbers the same.
How to Edit This Lease
The lease is a Word file with full access. If you modify the agreement, please add a comment that you have modified it. If you use the agreement as written, please leave the footer in your signed copies. We want you to contact us if your agreement ends up in court (good, bad or indifferent).