Rental Agreements and Standard Leases

So you have searched and found the perfect home to rent. You have negotiated the terms of your occupancy: how much, what is included, when you take possession and when you leave. You know that you need an agreement, either a rental agreement or a lease. So what is the difference. Very simply rental agreement are basis understandings. Typically they include the address of the property, the amount of the rent and basic elements of the agreement. Often the are month to month, meaning either party can end the agreement with a month's notice.
Leases on the other hand are formal contracts that include start dates and end dates.
Both parties agree to honor the full length of the agreement. Leases are often several pages long and are comprehensive. They typically spell out all of the details from utilities, date rent is due, security deposits, breech of the agreement etc.
One very important note, there is not such thing a 'standard lease.' Typical leases are pretty standard, but you much read the lease very carefully to see what it requires. In Rhode Island it is common for water to be paid by the landlord, but that is not always the case and is changing. Recently, we had as issue between a landlord and a tenant, because the tenant thought the water was paid by the landlord. The agreement was clear, water was the responsibility of the tenant.
As with all agreements, read them carefully, and if they are not clear, a get legal advice.

Types of Rentals: Short term, Vacation, Long Term and Academic

As with most things in life, you need to ask the right question to obtain the right answer. Rentals are no different. Generally, home rentals fall into three general categories as to type. Short term, Vacation, and Long Term. Short term rentals are generally from three to six months in duration. They are often the most difficult type of lease to obtain as most landlords want longer leases. They are, however, available.

Vacation rentals are exactly that: vacation rentals. Typically they are for a period from one week to one month, but on occasion they can be for an entire Season, such as summer. Newport and Narragansett have many vacation rentals.

Long term rentals typically involve at least a one year rental agreement or lease. They can also be written for multiple years. This lease is very common and generally available.

Finally, you may come across 'academic rentals.' These are not teaching rentals or rentals for college professors. Rather these are rentals that start in September and end in June, the academic school year.

At Phipps Realty, we can assist you with any and all of these rental needs.
www.phippsrealty.com

The Changing Rental Market in Rhode Island

The home ownership market in Rhode Island is changing. We have gone from a seller's market with limited supply and appreciating prices to a buyer's market with an oversupply and lower prices. It is in fact a great time to buy, but many potential purchasers and some former homeowners have decided to rent or lease rather than purchase. The rental market is robust and there are a significant number of homes currently being rented. Supply of rentals is actually fairly good as some unsuccessful sellers are now renting their properties. Rents have actually gone up a bit as demand has been so strong. The good news is that there are many choices at most price points. When searching for potential rentals one can search our website:www.rihomesforrent.com or www.craigslist. If you want representation in the renting process, please give us a call. 401 884-1030. We are ready to work with you and find what you need.