|
12-19-2007, 07:02 PM
|
|
Senior Member
|
|
Join Date: Sep 2007
Location: Cary, NC
2,164 posts, read 2,336,967 times
Reputation: 830
|
|
short-term lease charges locally?
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?
|
|
12-20-2007, 02:32 AM
|
|
Senior Member
|
|
Join Date: Nov 2007
Location: Southeast US
1,078 posts, read 957,716 times
Reputation: 417
|
|
|
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.
|
|
12-21-2007, 06:06 AM
|
|
Senior Member
|
|
Join Date: Nov 2007
Location: Southeast US
1,078 posts, read 957,716 times
Reputation: 417
|
|
Quote:
Originally Posted by JJingle
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. |
|
12-21-2007, 08:08 AM
|
|
Senior Member
|
|
Join Date: May 2007
Location: Durham, NC
1,336 posts, read 1,238,053 times
Reputation: 554
|
|
|
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.
|
|
12-21-2007, 12:02 PM
|
|
Senior Member
|
|
Join Date: Jul 2007
5,962 posts, read 4,817,799 times
Reputation: 1014
|
|
|
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.
|
Please register to post and access all features of our very popular forum. It is free and quick.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
|
|
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
Linear Mode
