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Around here in the Raleigh-Durham-Chapel Hill-Cary area, what do landlords or property management firms charge for a short-term (3,6,9 month) or month-to-month lease instead of a 12 month lease?
Most property management companies submit rent rolls to investors and/or lenders. These reports include lease expirations and help investors and/or lenders project future cash flow. Charging a higher monthly rate or a fee for short term leases helps to deter residents from short-term commitments. Thus enriching projections.
I do know of situations where established residents were able to negotiate the difference to an insignificant amount. These residents had a proven track record with the apartment complex management.
Most property management companies submit rent rolls to investors and/or lenders. These reports include lease expirations and help investors and/or lenders project future cash flow. Charging a higher monthly rate or a fee for short term leases helps to deter residents from short-term commitments. Thus enriching projections.
I do know of situations where established residents were able to negotiate the difference to an insignificant amount. These residents had a proven track record with the apartment complex management.
I'm sure there are other reasons as well.
I just re-read your post, realizing that I read "why" instead of "what." In that case, it varies per apartment complex. Just remember...everything is negotiable.
I am on a 6 month lease at my current apartment (just moved to the area) and we're paying $895/month x 6months. The rate for a one year lease was only slightly less - maybe $860.
We shopped around a lot for 3-6 month leases and found the few places that offered 3 monthers to be around 200-300 more than the one year rate, and the 6 month rate was typically 50-100 bucks higher.
We considered 2/2 units mostly in the Southpoint and Brier Creek areas.
After the initial lease expires, landlords may negotiate on shorter than normal renewals.
The initial lease is usually quite a bit higher if short term since turnover requires refurbishment of the unit each time a tenant vacates.
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