Long-term rentals refer to lease agreements for a period of one year or longer. In residential rentals, landlords leasing an apartment, condo, or home typically offer a one-year lease. This time period allows tenants to settle in and live comfortably, knowing they have a stable home for at least a year.
Most annual leases are renewable, and it is common for the rent payment to increase year over year. Landlords can adjust rents to reflect improvements to the property and market conditions. Rent increases must be calculated with care not to violate any local or state regulations.
Also, communicating rent increases to tenants early can allow them to make financial preparations and, if needed, make plans to exit the property in a timely and peaceful manner.