Advice For Bargaining A Short-Term Lease
Posted at by ifydcat on category FinanceWhile living in a permanent location usually is advantageous, there are plenty of good reasons that may require a short-term rental. College students arrange leases by semesters and academic years. Engaged couples may need to shorten a lease to coincide with the marriage date as one plans to move in with the other upon marriage. Contractors may take leases in cities where there is work, and may need to match the rental term with the contractual employment term. The common theme is that all need a short-term lease.
Landlords generally prefer long-term leases (typically one or more years). Long-term leases allow landlords to plan for steady income from rental units, and minimize the expenses associated with re-renting apartments, such as screening tenants, deep cleaning of apartments between tenants, and advertising the unit for rent.
While it would seem that a prospective tenant needing a short-term lease and a landlord desiring a one-year lease would be in adversarial positions, there are ways to come to an agreement. The tenant needs to look at it from the landlords’ view point and make some concessions that will sway the landlord to accept a short-term rental term.
Often, landlords recoup some of the costs associated with short-term rentals by charging a higher rent than they might otherwise charge. They may also require a higher security deposit. Landlords of buildings with higher vacancy rates may be more willing to bargain with you than a landlord of a building that is nearly fully occupied.
A landlord may be more willing to consider you for a short-term rental if you offer to rent the property as-is and prepay two or three months of rent. Be prepared to move in immediately as well.
Landlords often will repaint an entire apartment prior to renting the unit out; by offering to accept the apartment as-is, the landlord can delay that expense, at least until the end of your short-term lease. Likewise, not having to repair or replace window coverings and appliances helps the landlords’ more immediate cash flow. Sweetening the deal by prepaying rent for two or more months will also entice the landlord to accepting your offer.
You should also do something for yourself, as a tenant. Check and make sure you won’t have to pay for any necessity you won’t actually use.
By wisely using the above advice, you can find good apartments that may be available for short-term lease. Work with the landlord to develop an offer that is agreeable to both you and the landlord, and both of you will be pleased with results of your efforts.
This individual has been writing with respect to negotiation for the last seven years. Moreover, the individual likes writing regarding NYC real estate subjects, such as Dumbo Brooklyn real estate as well as Dumbo Brooklyn real estate.