What is typically the duration of a standard lease term?

A standard lease term is typically set for one year. This duration is commonly accepted in residential property management, as it provides both landlords and tenants with a stable arrangement. A one-year lease allows the tenant sufficient time to establish residency while giving landlords the assurance of rental income for an extended period.

This length strikes a balance between flexibility and commitment, allowing tenants to plan their living situation and giving landlords the ability to minimize turnover costs associated with frequent lease renewals or vacancies.

Shorter terms, such as one month or three months, may be suitable in specific scenarios, such as temporary housing or furnished rentals, but they aren't standard for long-term residential leases. A lease of five years is relatively uncommon for residential properties due to the potential for changes in a tenant's circumstances or the rental market, making it less appealing for average renters and landlords alike.