What is the average length of a lease?
In Virginia, the average length of a lease is usually either 12 or 24 months. Depending on the terms of the tenancy agreement, a lease can last longer or shorter than this. The length of the lease is often determined by the landlord and tenant based on the monthly rental rate that’s agreed upon. Some tenants and landlords prefer to have a yearly lease which will give both parties the chance to review the contract and make changes or necessary adjustments to the agreement. A two-year lease is also known to provide more security and stability to the tenant since they wouldn’t have to worry about finding a new place to stay every year. Moreover, it is important to keep in mind that the length of a lease can be changed by either party if needed. It is, however, vital that both parties follow certain legal requirements such as giving proper notice and agreeing to the amended terms of the lease in order for the amendment to be valid. Additionally, some leases may also have specific renters’ rights that define the length of the tenancy as well as the termination process. In Virginia, tenants are protected by the Virginia Residential Landlord and Tenant Act and it is important to familiarize yourself with your rights and obligations so you can make sure that your tenancy agreement is fair and just.
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