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What is a lease and what does signing it entail?

Tenant FAQ » About Member Services

A lease is an agreement between a landlord and the tenant. All leases are different, but most of them state that the tenant will occupy the unit for a set period of time, usually one year, and will maintain a certain level of cleanliness and order for the duration. In addition, leases can restrict the number of guests that can stay in the apartment, and whether the tenant has to give notification if they plan to be absent for a long period of time.

In most cases there is a penalty for vacating the property before the lease has expired; usually the tenant will be required to pay the total remaining amount on the lease, or else legal action can be taken. A lease is a legally binding contract, and is also reflected upon a your credit report, so you should make sure that you are capable of handling an apartment financially before entering into a lease, just to end up breaking it 5 months in. A broken lese on your record can permanently impair your ability to rent in the future, so be careful and examine your options very closely before you commit.