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5 Ways of Renting An Apartment

There are a lot of different ways to rent an apartment. And even though most people tend to think that they’re obligated to go with the long-term lease, there are different choices to suit everybody’s needs. You can rent by the season, by the day, or by the year. You can have a buy clause or subleasing, etc. Today, we’ll walk you through 5 different ways of renting an apartment:

Public Housing

Public Housing
Public Housing

Some groups of people have a tough time finding a place to rent. Therefore, public organisms and even private companies offer leasing services for social renting, mostly focused on younger people with low income or seniors with little savings. Also, big families, refugees or mono-parenting families could apply. Most countries and autonomous communities have these kinds of programs that allow people to join them and apply for the chance to finally have a home of their own. Sometimes, companies pay for a portion of the rent, while other times, they just lease their very own buildings.

Shared Living

Having a shared apartment is getting more and more common by the day, especially for young students, immigrants, as well as several types of workers that are constantly on the go and can’t afford to pay full rent. However, shared living contracts can be really complicated. One person may be the only one signing the contract, or it could include all of the people sharing the same roof in order to make it as transparent as possible. Either way, all aspects of the arrangement must be talked about well before anyone moves in.

Sub-leasing

Sub-leasing
Sub-leasing

A tenant may also lease a portion of the home, but they must have written authorization from the property owner beforehand, and that also must be written on the contract in order to avoid some legal issues. As the main condition, the sub-leaser must stay living in the same home, if they move, the agreement can be considered broken. Also, the rent charged to other tenants may not be higher than the one established in the contract.

Timeshares

Formerly known as multi properties, this way of renting an apartment has never been without controversy, as the people that sign the contract are never the true owners of the property and can only use it during the time frame of their choosing. Therefore, leasers have the right to spend one season a year on the apartment if they use a shared-time lease in order to save some money. This is extremely popular in tourist venues, but some people have always been quite critical of this practice.

Buy Clause

Buy Clause
Buy Clause

And last but not least, some leasers can include a buy clause on the contract once they’re discussing the rent with their new tenant, offering them the priority to get the property after a period of time, assuming both parties have agreed on the operation. So, if you’ve spent two or three years on your home and would like to make it permanent, you may trigger the buy clause and may even work on a payment plan, but you must include the buy clause on the contract first.