I'm in the process of renting a new apartment closer to where I work in the city.
Last week I toured an apartment which I loved, so I submitted my application and made an offer. The landlord met me halfway on my offer and lowered the rent by a bit. Great!
I still have yet to sign the lease, and I'm supposed to do that this week. However I got a text from the real estate agent today that the owner wants me to sign a 16 month lease instead of the typical 12 months.
I assume this is because the owner doesn't want to have to deal with renting out the unit "off-season", as a 16 month lease would put the rental renewal period right in the peak of renting season in September, as opposed to now.
On one hand, I like the idea of locking in the same rent for an extra 4 months, and wouldn't mind helping the owner out in good faith, seeing as they lowered the rent at my request so far.
But on the other hand, it seems like the 16 month lease might be shooting myself in the foot, as the lease would then be up for renewal in a much stronger market, meaning the owner could be more likely to raise the rent in the future. Plus it would be a pain for me to have to move during the busiest time of year as well.
Can anyone comment on what's the best course of action, or have experience with a similar scenario?
Edit: I should also mention that there was no mention of a 16 month lease until I had already submitted my application for a 12 month lease. This is why I'm considering saying no to the 16 month lease, because it feels like they're just trying to see what I'll agree to.
Submitted April 15, 2018 at 07:15PM by WinterHill https://ift.tt/2GYvuVw
