Types of rentals:

Renting a home – Pros: No shared walls. Generally washer/dryer (W/D) in unit. Cons: bigger space to maintain. Yard to maintain. Possible HOA rules to follow.

Renting an apartment/Condo – Pros: Cheaper than a home. On site amenities (pool, laundry room, gym). Cons: shared walls. Smaller space

Renting a room – Pros: cheapest options. Small space to maintain and furnish. Cons: a lot of shared space.

Types of leases:

Term lease: Generally 6:12:18 months. Pros: set amount of rent for a set period of time. Security in knowing you have a place to stay for that amount of time. Cons: if you have to move, you will be paying a lot to break the lease.

Month to month: Pros: flexible. If you are likely to move in a short time or don’t have a stable job location, this is a good option. Easy to give notice and end the tenancy. Cons: Rent can be changed with proper notice (generally 30 days but varies by state). Tenancy can be ended with proper notice (Again, generally 30 days but depends on state).

Weekly: some places do weekly tenancy. Same as monthly but all the notice periods are shorter. So a lot of flexibility but also the tenancy can be ended with little notice.

Sublease: A sublease can be any of the above but it is with another tenant. You sign (or oral) a lease with the tenant. That means that the tenant is your landlord. So you will pay them and deal with them regarding problems. Know that many places do NOT allow subleasing and this could cause problems down the road. Be very cautious with subleasing. If your landlord doesn’t pay the rent, you will be evicted right along with them.

Stay tuned for How to find a rental