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Old 11-17-2008, 10:07 PM
 
47 posts, read 85,075 times
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If a house in a close-in suburb of New York City rents for 2700 long-term, what is a fair rate for a two-month rental?

Thanks!
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Old 11-18-2008, 05:38 PM
 
Location: Seaford, Delaware
3,482 posts, read 18,280,426 times
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First the LL has to want to do the deal. It depends on how badly the LL needs to rent the house. If it has been on the market for a while, the LL may take a 2 month rental. The next question is what does the LL want to make a 2 month rental. The best way to find out is ask if you can rent for 2 months and reach an agreement on how much. You can also throw in things like no pictres on walls, painting issues on re-renting in 2 months. beready to answer ovjections with positives.
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Old 11-18-2008, 06:07 PM
 
47 posts, read 85,075 times
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Thanks, ShaneSA.In this case, I'm the LL. I'm trying to figure out what's a fair premium for a short-term that a renter has asked for while their house is being renovated, to cover the bother of having to rent again in just two months.Thanks!
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Old 11-18-2008, 09:11 PM
 
Location: Wisconsin
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No one can make that decision for you. Figure out how desperate you are to rent it out. Do you have to meet a bank payment on it? Or is it paid off? Are there others waiting to rent it? If so why wouldn"t you rent to others on a longer term. I would not even bother with a 2 month lease unless I was desperate for the money. If this is the case I think fare is the going price for the rent, no more no less. If you don't think so. Keep on trying to rent it. I am a LL myself why try to put the screw to these people.
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Old 11-18-2008, 09:21 PM
 
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Thanks, Ceanna. Yep, we've moved away and are paying two mortgages. We're thinking that with two months covered, maybe longer if their contractor has a delay (not uncommon, I understand), that this might get us back into the pre-spring selling season...and also cover our expenses for a few months.
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Old 11-18-2008, 09:41 PM
 
Location: Seaford, Delaware
3,482 posts, read 18,280,426 times
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If that's the case and your thinking on sales time frames, go for it. The 2 months would cover you, but the premium for the 2 month lease needs to be the cost of getting it ready to rent again. The holiday season is a rough time to get a renter, so the 2 months would take you to February. If you can rent it with the provision of no pictures (holes) on the walls and a deposit that would cover costs of getting it ready to rent again, then, you can rent it for the $2700. with special provisions. Those provisions need to be an inspection on move out and it needs to be in the same condition as rented. No wear and tear.
If you do not charge a premium, the renter may feel obligated to keep it pristine and return it as is, even if it goes to 3 months (better for you).
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Old 11-18-2008, 09:43 PM
 
Location: Wisconsin
91 posts, read 274,856 times
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doctormike...Hope you treat these people as you would like to be treated. If you ask only the fair rent and no extra, they would see your fairness, and maybe take extra care of your place. People respect you when you treat them right.
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Old 11-18-2008, 09:52 PM
 
47 posts, read 85,075 times
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ShaneSA and Ceanna, your posts are genuinely helpful, and show an admirable approach to business and life. Thank you!
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Old 11-18-2008, 10:01 PM
 
Location: Wisconsin
91 posts, read 274,856 times
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Default Ware and tear..............

Quote:
Originally Posted by ShaneSA View Post
If that's the case and your thinking on sales time frames, go for it. The 2 months would cover you, but the premium for the 2 month lease needs to be the cost of getting it ready to rent again. The holiday season is a rough time to get a renter, so the 2 months would take you to February. If you can rent it with the provision of no pictures (holes) on the walls and a deposit that would cover costs of getting it ready to rent again, then, you can rent it for the $2700. with special provisions. Those provisions need to be an inspection on move out and it needs to be in the same condition as rented.[ No wear and tear. ]
If you do not charge a premium, the renter may feel obligated to keep it pristine and return it as is, even if it goes to 3 months (better for you).
No wear and tear......That won't fly.. Provisions or no provisions . When renting it is understood that there is going to be some wear and tear. You can write anything you want into a Lease Agreement wheather it holds up in court or not is another thing. No wear and tear will not hold up. It goes without saying there will be some wear and some tear.. The securtiy deposit cannot be kept because of this either. Security deposit is only to be use for damages over and above normal wear and tear. If you want it in prestine contition I suggest that you do not rent it out.

Last edited by Ceanna; 11-18-2008 at 10:07 PM.. Reason: miss spelled word
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Old 11-18-2008, 11:11 PM
 
Location: Seaford, Delaware
3,482 posts, read 18,280,426 times
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It's only a suggestion. In 2 or 3 months of careful use I would not expect any wear and tear. Footprints in the carpet that can be vacuumed out, or dirt on the door frames that can be wiped off. Normal stuff of use. I wasn't worried about having to go to court after a 2 or 3 month rental. The deposit can be used to get the house into rental ready condition if after 2 or 3 months of use there is damage or wear that needs to be repaired. That can be written into the lease. You can write anything you want into a lease as a provison. The severability clause covers if it is legal or not. I was only suggesting, not quoting law.
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