With the rental market increasing year on year, it’s becoming a landlords market out there. While there may be a glut of furnished apartments on the market, demand for them is increasing every day.
The contract is the pivotal part of any lease agreement. It is the base around which everything else revolves. It’s important to ensure it protects you as the tenant as much as it does the landlord. They can be confusing essays of legalese that only an attorney can understand, but every lease contract should contain certain elements.
Landlord Rights and Responsibilities
This aspect of the lease contract specifies what the landlord has to do to comply. The responsibilities will generally include providing the furnished apartment in good condition, maintaining services and contents, ensuring clean water, electricity, plumbing and so on.
The landlords rights will include the right to evict, to cut short the tenancy, to serve notice due to non-payment, the right to access after giving you notice or in the case of an emergency.
Tenant Responsibilities
You also have responsibilities if you’re renting a furnished apartment. The landlord is going to want their property back in good condition ready to rent to someone else once you’re finished.
Tenant responsibilities include paying for utilities unless included in rent, garbage service and water and keeping the apartment clean and safe.
Termination Clause
Each lease contract should have a section dedicated to early termination. Either side should be able to terminate the contract early with good reason. Any penalty for doing so should also be included. It should include what is regarded as fair, what notice is required and any penalties incurred by the tenant for early termination.
Most landlords require a notice 7 days in advance. If the lease is extended, or is a month-to-month lease, the landlord may require up to 30 days’ notice before the tenant moves out.
Occupancy Specification
This grandly worded clause is just an outline of the details of the lease of your new furnished apartment. It should include tenant and landlord details, date and term of the lease, names of any other tenants and limitations as to how many people can stay there and any pets.
Security Deposit Conditions
The security deposit is an essential tool in ensuring the furnished apartment is well looked after and is returned in the same state it was found. It should clearly outline how much the deposit is, when it will be returned and any conditions attached to that return.
Never rent an apartment without a clear and concise clause covering the deposit. It should include, a signed acknowledgement that the landlord received the deposit, the amount of the deposit, and a time limit after the end of the rental period for the return of the deposit.
A lease contract for a furnished apartment is a legal document that is designed to set the rules between landlord and tenant. If the contract looks unfair or you don’t understand it, consult a qualified lawyer. It may cost, but it may save you money in the long run.
