Rent question
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Champion ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | ![]() Everyone I have known including past residents always seem to tell me that once they are done with a year lease they go and do month to month. One lady who lives in my building was saying at a party she has not had lease in 9 years. At my place the year is almost up. They said I could go month to month or get another year lease. Month to month they would charge me $250 more. Is this normal? |
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![]() It's not all that out of the question. Is it worth $250/mo to be able to move out with minimal notice without giving up your deposit? |
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Champion ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | ![]() We still have to give 60 day notice and there is a 2 month buy option. Take that back its more like $400 not $250. I compared what we actually paid after parking and such and not what rent actually is. If we live there 4 more months and want out it would cost us the same as if we did month to month. I guess its a no brainer. I just like being able to be flexible. |
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Pro ![]() ![]() ![]() ![]() ![]() ![]() ![]() | ![]() It's a pretty big price difference, but depending on your area and the landlord... it's not out of the question. If you think you might leave sooner than a year, you might be able to negotiate a 6 mo lease instead of 12 or something. In AZ, you don't have to offer it at all. I'm in the process of getting signed off my old lease after moving out. Bummer. |
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Champion ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | ![]() my girl and I plan on living there until we have a baby and then we need to move closer to her mom for free daycare. Well looks like today she is having another miscarry so we no longer have that we want to leave in 9 months issue anymore. |
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Pro ![]() ![]() ![]() ![]() ![]() ![]() ![]() | ![]() So sorry to hear about the miscarriage Have you talked to you landlord? Some are pretty flexible. If you say that you want to stay until there's a baby, you can give a few months notice, which will give the landlord plenty of time to plan to find another renter. You might be able to reach an agreement without forking over an extra $250/mo for that freedom. |
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Champion ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | ![]() I did not think about 9 month lease. It would be option to ask but since its her 4th miscarry in the last year we figured we will just resign and worse comes to worse she lives with mommy midweek for a couple of months before the lease expires. She "owns" the condo her mom stays in with her brother so it not a big deal. It just means I would not get to see baby midweek. I was reminded this morning to see if the increase month to month was normal or if we are just getting screwed over. We like were we live its just expensive. |
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![]() | ![]() Sorry to hear of the miscarraige. But yes, paying more to go month-to-month is pretty standard in the rental world - as far as property management companies go. If your landlord is an individual not associated with a company then it can vary widely. |
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Champion ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | ![]() its a 15 floor building with over 100 units. It maintained by a company but someone else owns it. |
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Master ![]() ![]() ![]() ![]() ![]() ![]() | ![]() Sorry to hear your sad news. I hope you're able to conceive again with a healthy pregnancy. Pretty much every place I've rented had a similar month to month increased pricing. I'd say that's the standard, especially for a complex. As a landlord of one property, I've allowed renters to go month to month with a 45 day notice of termination but I'm just dealing with one condo. |
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Supersonicus Idioticus ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | ![]() Could be because you are in a different state, but I have only heard of changing from a lease to monthly at the same price. Granted, the landlord is allowed to raise the rent 1.8% per year, but no more. I am not sure if the following is right, but assuming the above is true, I could see it being legal to offer a discount to sign another lease. |
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Pro ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | ![]() The options and prices available are very dependent on the rental market in your area and their vacancy rate. For obvious reasons the property manager wants to have as much stability with the lowest vacancy rate they can get. Having people with long term leases is the easiest way to do this. When your lease comes due, if they have a very low vacancy rate and are feeling confident they may give you an ultimatum to renew a 1 year lease or go month to month and pay X amount per month higher. They're essentially trying to push you into the lease through a negative incentive. They're likely not too worried about you moving, or if you do they can easily fill the vacancy. However, if the market is doing horrible and they have very high vacancy rate, the tables are turned. You then have the power to negotiate the same or even possibly a lower rent with month to month terms because they'll do anything to keep you there. With my office lease, I rented the space in early 2010 when the market was doing horrible. They had so much vacancy they were desperate for anybody at any rate. I came in and offered half of what they were asking with month to month terms and a guaranteed rate for 5 years. They took it because it would have sat vacant for a year or more had they not. If I were looking today this wouldn't be an option and I'd have to pay a much higher rate with at least a year lease. |
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