If you are ready for a new space to call home but aren’t ready to buy, then you will be faced with the decision of renting or leasing. While these terms are often used interchangeably, there are some key differences between the two. At Bouchea Apartments in Hudson, Wisconsin, we want you to have all the information you need to make an informed decision. In this blog, we explore the differences between renting and leasing apartments to help you determine which option is best for you.
Renting Vs Leasing: What's The Difference
Renting Vs Leasing: What's The Difference
Bouchea Luxury Apartments
Duration Of Stay
Renting is usually done on a month-to-month basis, which means the tenant can choose to renew or terminate the lease at the end of each month. Leasing, on the other hand, is typically done for a longer period, usually one year or more. This gives tenants a sense of security that they will not have to move out suddenly.
Financial Commitments
Leasing provides more stability with a set rental rate for the duration of your lease. Without a long-term contract in renting, you can have more flexibility but your rent may also increase each time your lease is renewed.
Repairs And Maintenance
In a rental agreement, it is the responsibility of the landlord to cover the costs of repairs and maintenance for the unit. However, in a lease agreement, the responsibility falls on the tenant. This means that if something breaks or needs to be fixed, the tenant is responsible for covering the costs.
Legal Agreements
Renting is more adaptable, allowing you to move out at the end of your month-by-month lease without any major financial consequences. Leasing is stricter, as it is a legally-binding contract with the landlord or property management company and includes specific terms and conditions that must be followed. Breaking a lease can result in financial penalties, such as losing your security deposit or being responsible for the remaining rent payments.
Ready to find your next home in Hudson, Wisconsin? Contact us at Bouchea Apartments to learn more about our availability and leasing options today!