Lease Term

Glossary

A lease term is the length of time a rental lease lasts, such as month-to-month, 6 months, 12 months, or 24 months.

Definition

A lease term is the length of time a rental lease is in effect. In multifamily, it is the agreed period during which a resident may occupy a unit and pay rent under the lease. Common lease terms include month-to-month, 6-month, 12-month, and 24-month options.

Example

A resident signs a 12-month lease term for Unit 204 beginning August 1 and ending July 31. The operations team records that term on the rent roll and uses the end date to plan renewal outreach, pricing review, and possible turn scheduling.

Why It Matters?

Lease terms affect renewal timing, vacancy exposure, rent forecasting, and staffing plans. Operations leaders track lease-term patterns to avoid too many expirations in the same period and to understand the total value of each lease.

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