Why is it so hard to find a short term rental?
Let ‘s face it. Most people rent investment property want sure money. If you are only staying 2 or 3 months, that means a landlord has to find someone else to fill the property. Keeping this in mind when you are looking for something short term will help you in your search.
Why do short term rentals cost more?
Rental property is a business, just like Microsoft or Nike. If there is no profit, there is not rental property. Short term leases usually mean higher vacancy, which leads to additional fees so the property can continue to operate. This additional fee is worth the convenience of being able to leave after 2 or 3 months without obligation.
If my company is signing the lease, why do I have to undergo a back ground check?
Understand that background checks are standard in most rentals. If your company hires a corporate housing company like Capri to set up your rental for you, the credit check can often be waived, Background checks are to ensure the safety of the community that you will be living in. Find out if you need to fill out any paperwork to expedite your move in date.
Why can the rent quote from a corporate housing provider only be good for a short time?
When you receive a quote from a corporate housing provider, they may only be able to promise the price for 72 hours or less. Many property management companies have adopted a pricing model that varies the rent to compensate for seasons of high vacancy. An apartment could cost $1500/month for a 3 month lease one week, then soar to $2600 next month for the same lease term. To lock in a price, often it is necessary to make a decision quickly.
How much advance notice do I have to give when I leave?
In most metropolitan areas, apartment communities require a 60 day written notice to vacate. Your corporate housing provider will very likely have the same provision in your lease with them. Whatever that period is, know that you are responsible to pay the rent through the notice period. Put the date on your calendar so you can plan ahead, and avoid any unpleasant surprises.
Hope you enjoyed these first 5 steps of the 10 Things to know About Short Term Leases, next week, we’ll talk about the remaining 5. Stay in touch!