Author Topic: Lease overlaps  (Read 7435 times)

TLV

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Lease overlaps
« on: May 08, 2013, 08:28:26 AM »
We're expecting our 2nd child later this year, so we intend to rent a larger space (currently in a 1 bedroom) when our lease ends in August. Due to our requirements for location and bike storage(the commercial apartment complexes around here are surprisingly awful about that), and the increasingly competitive rental market, if we try to minimize overlap there's a good chance we'll have to pay 1500-1700 for a 3-bedroom sfh when we really only need 2 bedrooms and a place to put bikes + trailer.

If we're willing to rent earlier and pay for an extra month or two, then the odds go up that we'll find a suitable place in the 1200-1400 range.

The extra overlap up front would be cancelled out more or less by lower rent. If we end up in two bedroom, we'd most likely want to upsize again in a few years (before FI, when we intend to move to an area with less expensive housing), so we would need to go through this process again, but we'd certainly stay at least couple years.

What do you think? Should we try to secure a place early, or cross our fingers that we'll be able to find a place later?

Just to recap, our main concern is that the supply of bike-friendly two-bedrooms seems to be small and inconsistent.

matchewed

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Re: Lease overlaps
« Reply #1 on: May 08, 2013, 08:42:51 AM »
Can you lock in a lease on the 1200-1400 which starts on a date favorable to you? IMO secure a place early and ask the new potential landlord if you can give the security deposit early in exchange for a start date that suits you.

You haven't really give too much info regarding the time frames so I'm under the assumption it's a few months.

Also can't hurt to ask. What's the worst that can happen?

TLV

  • Bristles
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Re: Lease overlaps
« Reply #2 on: May 08, 2013, 10:41:12 AM »
 
Can you lock in a lease on the 1200-1400 which starts on a date favorable to you? IMO secure a place early and ask the new potential landlord if you can give the security deposit early in exchange for a start date that suits you.

We'll certainly try to do this, though our past experience is that most listings are posted within a couple weeks of availability, and in this market there's no incentive for a landlord to take on a vacancy for any length of time.

Quote
You haven't really give too much info regarding the time frames so I'm under the assumption it's a few months.
Our current lease ends on Aug. 31st. Our ideal time frame to have a new place available would be by the 24th, to give us two Saturdays.

This post was prompted by two things:
1. the news around here is all about how house prices and rents are way up over last year, and checking craigslist verified that prices are up and inventory is down,  and

2. we've heard through the grapevine about a place in the absolutely perfect location (seriously, there is no better possible combination in this area of closeness to work, groceries, library, church, and eventually elementary school), and the current tenants are looking for someone who can start a lease at the end of June (after school gets out) because they were laid off and need to move (breaking their lease).



matchewed

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Re: Lease overlaps
« Reply #3 on: May 08, 2013, 10:52:47 AM »
In the case you're describing I'd offer up security deposit and one month rent in June/July in return for a signed lease starting in September, then negotiate from there. Perhaps approach in tandem with the individuals who want to break the lease in order to assure the landlord that this is in his/her best interest.

TLV

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Re: Lease overlaps
« Reply #4 on: May 08, 2013, 11:21:58 AM »
In the case you're describing I'd offer up security deposit and one month rent in June/July in return for a signed lease starting in September, then negotiate from there. Perhaps approach in tandem with the individuals who want to break the lease in order to assure the landlord that this is in his/her best interest.

So, if I understand you correctly, the landlord would be taking ~2 months of vacancy (but only giving up ~1 month of rent) in exchange for securing us as tenants?

That could work, depending on if they think they can get other tenants with no vacancy or not.

matchewed

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Re: Lease overlaps
« Reply #5 on: May 08, 2013, 11:33:24 AM »
Well that's the negotiate from there part. They could tell you to go pound sand but then you're just in the same pickle you're in now where you have to decide between chancing it or paying double rents for a few months. If I were in your shoes I'd negotiate, landlords can be reasonable too.

mlipps

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Re: Lease overlaps
« Reply #6 on: May 08, 2013, 12:04:22 PM »
I'd negotiate with your current landlord. If the market is that hot, he might not mind letting you out of the lease a month or two early.