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And so a LL should take pity on you if you get laid off? Keep reading.
I'm not saying that they should take pity and let me live there rent free. I'm saying that it'd be practical for them to let you out of the lease so that you can go to your support network (family) and lease the place out to somebody who has the income to pay the rent. I understand the "we're running a business" slogan. So don't let them rent the place for free. Let them leave, no repercussions.
As a business, what do you get out ruining their credit? You make it sound as if running a business is a predatory thing. If we don't get money out of you, we are going to DESTROY you. It doesn't have to be that way. If the tenant comes to you and says, "hey, I lost my job and I need to leave because I have no income to pay for this place," it'd make more sense to say, "that's fine, be out of here by this date and we'll charge you a pro-rated charge based on when you leave." As the landlord, you can rent the place out to somebody else. If you go forth and destroy this person's credit, you've just made it extremely difficult for them to find a job with all the credit checks out there. And what good does that do? Now a capable individual has to settle on welfare for sustenance. And guess who's paying the majority of that? Not me, the lowly entry level peasant!!!! YOU, the business owner making $$$!!! Just something to think about.
Hey, ya gotta explore every avenue, right? For argument's sake, what if you're that lowly college grad that was forced to move out of state to get a job? I suppose, given your assessment, he/she shouldn't take a job for which he/she will have to sign an apartment lease without having sufficient savings? If he doesn't sign that lease, he doesn't get that job. If he doesn't get that job, he'll won't be able to start saving. Ya gotta start somewhere. Keep in mind we're not all established and in our 50s or 60s on this forum.
Moderator cut: personal remarks A month to month is fine for someone starting out in a new place and a job isn't dependent on signing a long term lease. As far as the last sentence is concerned you're again making assumptions and you know what they say about those. I have no qualms admitting that I'm almost 66 and still working hard and RENTING so get off THAT kick as there are many like me out there. We just don't whine about it and feel some sort of entitlement based on our particular circumstances. Trust me, there are many many times when I wish I could retire but I can't and thus will probably one night keel over my restaurant stove and exhale my last breath in a pot of soup or whatever. Moderator cut: personal remarks
My current lease included an addendum that allows us to cancel the contract without penalty if we lose our jobs (with documentation). It's the first time I have ever seen anything like that in a local lease and I suspect it will disappear whenever the local job market stabilizes.
This is such a good idea! And it shouldn't matter what condition the economy is in. Businesses fail even in good times. Hey, if my employer fails to sustain its business, why should I, the employee, be penalized? I did my job, right?
Give it up, sweetie. A month to month is fine for someone starting out in a new place and a job isn't dependent on signing a long term lease. As far as the last sentence is concerned you're again making assumptions and you know what they say about those. I have no qualms admitting that I'm almost 66 and still working hard and RENTING so get off THAT kick as there are many like me out there. We just don't whine about it and feel some sort of entitlement based on our particular circumstances. Trust me, there are many many times when I wish I could retire but I can't and thus will probably one night keel over my restaurant stove and exhale my last breath in a pot of soup or whatever. Lord alive, child, get OVER yourself.
Moderator cut: personal remarks Besides, I have yet to find a property manager that will let you do month-to-month to start out. They want you to start out with a long term 6 to 12 month lease, then they'll consider a month-to-month agreement.
Why do you have to bring up entitlement here? All I'm suggesting is a compromise that can be beneficial to ALL parties. Like I said before, why does business have to be made into this "If I don't get my way, I will do everything to destroy your reputation" crap? It doesn't have to be. It's almost as if these people get a rise out seeing someone fail. It's the "Oh well, that's capitalism" mantra. There can be a common ground, where all parties face the least amount of damage, and where businesses can still make money and where a person doesn't face complete personal destruction because of a layoff.
[quote]=STT Resident;15992746]We just don't whine about it and feel some sort of entitlement based on our particular circumstances. [quote]
That is the key point. a belief that they are entitled to special consideration that they would never ever give anyone else under the same circumastnces.
OP, can you honestly answer these:
1. What would you do if the LL came to you and said starting next month the rent is going up $400 a month because they have too many empty apartment s and need to make up the rent?
2. What if the LL said that there is now a $200 per month charge to cover use of utilities because the rent isn;t covering all expenses?
3. What if the LL came to you and said, oh by the way, I'm cancelling your lease at the end of this month to save on maintainance cost?
What would you do?
[quote=PacificFlights;15992879]We just don't whine about it and feel some sort of entitlement based on our particular circumstances.
Quote:
That is the key point. a belief that they are entitled to special consideration that they would never ever give anyone else under the same circumastnces.
OP, can you honestly answer these:
1. What would you do if the LL came to you and said starting next month the rent is going up $400 a month because they have too many empty apartment s and need to make up the rent?
First off, this goes against economic theory. If you have a high vacancy rate, it wouldn't be wise to raise rents. Instead, the LL should lower rents in order to provide more incentive to move in. But for argument's sake, I would determine whether or not I could afford the rent (in fact, I've done this twice in the last two years). If not, I'd tell the LL thanks, but no thanks. I may not be happy, especially if I like the place, but I would find an apartment that I could afford. I'd move to a place that I could afford, and the LL could try to attract someone that would be willing to pay the higher rent. See, no harm, no foul to either party.
If I lose my job, I can't pay them. On the other hand, they can find someone else who can. What would be the point in keeping an U/E person, who offers no financial benefit to them, a prisoner in a lease? That's a zero sum game.
2. What if the LL said that there is now a $200 per month charge to cover use of utilities because the rent isn;t covering all expenses?
Same scenario as above. See answer above.
3. What if the LL came to you and said, oh by the way, I'm cancelling your lease at the end of this month to save on maintainance cost?
What would you do?
IMO, leases are just traps that hold you liable for nothing more than speculative gains. The LL argues that I could have rented this out for 12 months if it wasn't for you. Yeah? Prove it!
Borrowing money for a home or a car or a computer is an entirely different ballgame. There, the person was given something tangible (money) and used it for consumption. You should be held responsible for returning the money to its rightful owner. OTOH, you pay rent at the beginning of every month. So if you realize that you won't be able to pay next month's rent, I think you should be let out of your lease without the LL or property management firm chasing you down and ruining your credit. Because your company failed and you were laid off, your reputation should be destroyed? Why the hell would you sue an U/E person or ruin their credit? It just doesn't make sense. It'll just make it harder for them to find another job, to get another place to live, etc. Total formula for making this person a welfare recipient
Hey, just because capitalism dictates that this is the way it is, doesn't mean that it has to be this way going forward. Why not embrace new ideas that alleviate the damage for everyone?
Yeah right. I bet you would have been posting about your rights as a tenant to hold the LL to the lease. All the mumbo jumbo of economic this and that is a smoke screen.
What would be the point in keeping an U/E person, who offers no financial benefit to them, a prisoner in a lease? That's a zero sum game.
But you do offer a financial benefit. if you don't pay the rent, they can evict and take you to court to get a judgement for the unpaid rent that you did not pay until they are able to re rent it to someone else. if they have to rent it to someone else at a lower rent, you can be liable for the difference. You will owe what the judge say you owe to the LL. That is a legal judgement against you and a debt you have to pay sooner or later. Have you heard of garnishment? The judge wont give anything except what is in the lease. Thats because the lease protects you just like it protects the LL.
Another point is to ensure that any future place you look to rent knows that you broke the lease. That alerts them that you may try the same thing on them. The LL can decide that your too great a risk and refuse to lease to you. You will have to find someone who doesn't care if your going to follow the rules or not.
It also serves to let anyone else who does a financial background check know that you have problems honoring your legal obligations and contracts. That auto lease or loan may be denied. That mortgage you try to get, may be denied. That job, they may feel they can't trust you to abide by the policies and procedures so hire someone else.
You signed a contract but unlike most contracts, leases provide extra protection to the signer that is written into your laws. But those same laws that protect you, also protects the LL. Since most leases are regulated by the laws, unless something is written that is against the laws, judges have a clearer way to decide your obligations.
You may not have realized the importance attached to you signing the lease, but the courts seldom excuse ignorance in deciding the judgement amount.
This is such a good idea! And it shouldn't matter what condition the economy is in. Businesses fail even in good times. Hey, if my employer fails to sustain its business, why should I, the employee, be penalized? I did my job, right?
IMO it's just one more point in favor of renting from large corporate entities who have enough units that they would rather get a new paying tenant ASAP than pay legal fees in a futile attempt to squeeze blood from a turnip. Many private landlords just can't afford to take that sort of approach, they really need to keep you to your agreement and they will sue if they have to. Can't say that I blame them.
For the record, we have savings and we would use every resource at our disposal to try to avoid exercising the option, but it is nice to know it is there, just in case.
I must have missed the memo where all vacancies are immediately filled and landlords never take a financial hit when trying to rent an apartment.
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Just something to think about.
