Rhode Island Logo


Types of Tenancy in Rhode Island

If you are in the process of renting, or considering renting your home dwelling in the future, there are a few different types of tenancy that you may want to consider. After you have located a home or apartment you want to live in, give careful consideration as to what type of lease you want to sign as a tenant.

The first and most basic one is the fixed lease term. This is often the easiest most cost effective way to rent. A fixed lease term requires you to sign a lease contract for several months, a year or year(s). These leases have a start and end date, and require you to resign a contract or move when the end date arrives.

The second type of lease is a month to month lease. These type of leases occur when you are unable to commit to a specified amount of time in a home. For instance, if you anticipate a relocation, and need an additional two months to continue living in a home you previously rented, this contract gives you flexibility without signing a contract for another year. This type of lease is often more expensive, than a fixed term lease. It is also common to sign this lease when you are renting a room(s) in someone else's home that the owner is dwelling in or other tenants are leasing at the same time.

In some cases, you can rent weekly. This usually only occurs if you are renting a room(s) in someone else's home (like the month to month stated above) or a vacation rental.

If you want to eventually purchase a home but are looking for ways to eliminate or cut a down payment rent to own may be for you. This is a lease or contract that allows you to rent a home for a period of time before you purchase the home. This contract is for single family dwelling homes or condos. There are many types of rent to own leases, and this is a contract that should be entered into with caution. This is a bit of trickier situation, because you are not buying the house right away.

Share this:


Leave a comment:

* Login in order to leave a comment. Don't have an account? Join for Free

Become an Expert Contributor

Have some knowledge to share, and want easy and effective exposure to our audience? Get your articles or guides featured on Rhode Island Homes today! Learn more about being an expert contributor.

Learn More