While searching for Melbourne apartments, you have may noticed that many communities only offer 12 month leases. This type of lease is called a fixed-term lease and generally includes a stable monthly rent for the leasing period. Benefits of 12 month leases include avoiding rises in market prices during your contract, having an established place to call home, and sometimes, even the ability to negotiate your rent slightly lower per month since you are signing a long-term contract. It will also lower your costs associated with moving frequently, such as paying for rental trucks and moving. However, there are also benefits to landlords as well. Keep reading to discover why some Melbourne apartments only offer this type of leasing agreement.
While apartments near Melbourne are in a great location full of employment opportunities, entertainment destinations, and unique local dining options, the influx of new rental residents can be slower during certain times of the year. The summer, for example, is generally the prime time for moving into a new place. Winter months can be slower, especially since this is the time for holidays, trips, and visiting family rather than packing up to move to a new place at the same time. Melbourne apartments that offer month-to-month leases or shorter contracts may lose money during slower periods where their units are not mostly filled. In addition, unused units require additional upkeep if they are unoccupied for longer periods of time. Communities that only offer 12 month leases will generally have more permanent residents and provide a stable source of income for the landlord.
Another reason why some Melbourne apartments may not offer different lease types is the fees associated with moving residents in and out of the unit. Finding new tenants and preparing the property for move-in takes a lot of time, effort, and funding. For example, carpets may need to be replaced, appliances repaired or replaced (like apartments with washers and dryers included), and the entire unit must be cleaned, repainted, and checked. Pet friendly apartments may also need additional cleaning and repair. By only allowing residents who agree to a 12 month lease, the landlords can work on keeping their long-term tenants happy instead of worrying about finding new ones on a monthly basis. The good news is that these 12 month leases often come with some fantastic features and amenity packages!
If you’re having trouble deciphering your lease or knowing exactly what you’re looking for in Melbourne apartments, this Forbes guide provides some great tips on things to confirm before signing your lease. Before making your final selection on apartments near Melbourne, it is a good idea to come up with a list of questions and preferences for your leasing office. Don’t be afraid to ask questions about things you don’t understand in your lease – you can always ask the leasing office for clarification, ask a knowledgeable friend, or look through our website for some helpful tips and answers to common questions.