Leasing & Renting Tips

Equip yourself with useful information before committing to a contract!

Rent vs Lease: Understanding the Terminology

A rental agreement is typically not long-term. It might change on a month-to-month basis. This means your landlord could change the rent amount after a single month, or even ask you to leave (with 30 days' notice). Also, you will typically be responsible for any maintenance that may be needed while living there.

A lease agreement covers a designated amount of time, typically 12 or more months. During this timeframe, the agreement can’t be changed - including the rent price. The lease terms can only be changed after the initial agreement is completed. Additionally, when leasing an apartment or home, the property owner is responsible for maintenance.

Pros and Cons of Rent vs Lease Agreements

A rental agreement might be a better option if you are looking for a short-term place to live. This allows you to keep searching for other living options without being tied down.

On the other hand, it can be more advantageous to sign a lease since the housing market can change drastically in short amounts of time, which can impact rental prices. Colorado Springs continues to become more expensive, so signing a long-term lease could save you money.