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Different Types of Apartment Leases

apartment property management Beverly

If you own an apartment building, one the primary goals of your apartment property management company should be making sure that you’re using the best type of apartment lease for your needs. An apartment lease should protect the landlord and property from financial damage. Read on for information about different types of apartment leases, and then review your property management services to make sure you’re using the right one.

Month-to-Month Leases
A month-to-month lease gives both the landlord and tenant the option to terminate the lease at any time, for any reason, as long as proper notice is given. Proper notice is typically written notice delivered at least 30 days in advance. Month-to-month leases are more beneficial for tenants than landlords. Landlords already have legal remedies for evicting tenants or terminate leases. Even if your tenant gives you proper 30-day notice of move out, your residential property management company may not be able to find a new tenant in those 30 days, and you could miss out on rental income.

Yearly or Fixed Term Leases
A fixed term lease allows a tenant to occupy an apartment for a fixed period of time, typically a year. These leases are extremely beneficial for landlords, as the tenant is legally obligated to pay rent for the entire duration of the lease, and a landlord can pursue legal action if the tenant breaches the lease.

Proprietary Leases
Proprietary leases are unique to apartment buildings and condominium complexes. A proprietary lease allows the tenant to purchase shares of the apartment company’s stock, and the tenant becomes a part owner in the company in exchange for his apartment.

Before choosing a lease agreement, consult with an apartment property management company in Beverly. At MRS Property Management, we’ve been providing affordable property management and property maintenance services to rental property owners since 1990. Our superior customer service and high tenant retention rates make us one of the top property management companies in the state. For more information about our apartment property management services, call us today at (978) 578-2793.

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