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Rental agreement on house
Posted on 6/3/19 at 8:07 am
Posted on 6/3/19 at 8:07 am
WIfe and I are renting a house starting at the end of this month. I have the standard rental agreement for the state of Alabama and all of that makes sense. I have some questions on what is typical on a rental home as I'm getting mixed responses.
The family we are renting to we have known for a while, and they would like to do a longer than 12 month lease. I know 12 is typical, does it make sense to do 24? 36? Or is it still better to just do 12 month and renew?
Do you still do the whole first and last months rent? I've heard both yes and no here. They do have a pet so we will be doing a pet deposit.
The family we are renting to we have known for a while, and they would like to do a longer than 12 month lease. I know 12 is typical, does it make sense to do 24? 36? Or is it still better to just do 12 month and renew?
Do you still do the whole first and last months rent? I've heard both yes and no here. They do have a pet so we will be doing a pet deposit.
8
Posted on 6/3/19 at 8:24 am to BoogaBear
Typically you do 12 month so you can either move off a tenant or increase rent. You lose flexibility if you have a lease that is longer than 12 months. If you are worried about not having a tenant after the 1st 12 month period, then you could choose to do a longer lease. Or, if you are trying to help out this family, then give them the longer lease that they want.
Since this is someone you know, it's up to you.
First and last month, yes. Pet deposit, yes.
Since this is someone you know, it's up to you.
First and last month, yes. Pet deposit, yes.
Posted on 6/3/19 at 8:42 am to BoogaBear
for pet deposit, i'd make sure it covers replacement of all of the carpet. also, stick with shorter term. you may want an out after a year of these people living there.
Posted on 6/3/19 at 8:53 am to BoogaBear
Longer lease is nice, less vacancy and wear and tear.
I would see if they want to lock in rental rate for longer term.
No right or wrong.
I would see if they want to lock in rental rate for longer term.
No right or wrong.
Posted on 6/3/19 at 10:03 am to BoogaBear
I like a longer lease. Less pain in finding new tenants. I'll give a $50/month discount for that.
Posted on 6/3/19 at 10:20 am to BoogaBear
quote:
Do you still do the whole first and last months rent? I've heard both yes and no here. They do have a pet so we will be doing a pet deposit.
I think the first and last as a deposit is regional. In Texas, I do not pay that for any apartment. If someone told me I needed to give them $2,500 as a deposit, then I'd walk. It isn't required in this competitive environment. My deposits have been $500 the last couple places I've lived. They do a background check and soft credit check as part of the application so maybe that enters the equation.
Posted on 6/3/19 at 10:23 am to lsujro
quote:
for pet deposit, i'd make sure it covers replacement of all of the carpet. also, stick with shorter term. you may want an out after a year of these people living there.
No one is going to pay thousands for a pet deposit. As a reference point, pet fees are typically $250-350 in apartments and many are non-refundable + $25/month.
Posted on 6/3/19 at 10:24 am to lynxcat
I typically do a deposit that matches the first months rent and the rent due on the 1st.
People who you are renting to dont have three months worth of payments just stashed away.
$100 of my deposit is actually a fee for cleaning, which is non refundable. So that helps hire a maid.
People who you are renting to dont have three months worth of payments just stashed away.
$100 of my deposit is actually a fee for cleaning, which is non refundable. So that helps hire a maid.
Posted on 6/3/19 at 11:21 am to BoogaBear
quote:
Do you still do the whole first and last months rent?
The only market I have lived in where this is a thing is NYC and that is bc the rental market is so competitive. In every other city I have lived in it has just been some arbitrary amount typically around $300-500.
Everything you asked is really just up to you and how you want to structure the rental agreement
Posted on 6/3/19 at 12:19 pm to TigerRob20
We rented a house a few years ago when we moved back here. First month's rent upfront was prorated, and we paid a deposit equal to a month's rent.
Posted on 6/3/19 at 1:43 pm to LSUFanHouston
My pet fee is $250 and that covers exterminator treatment between Tennant’s.
Posted on 6/3/19 at 1:55 pm to BoogaBear
I've only rented one place (it was for 4+ years). My deposit was equal to one months rent, and my lease was for 12 months, and turned into month to month under the same terms after that.
Posted on 6/3/19 at 4:06 pm to lynxcat
quote:
No one is going to pay thousands for a pet deposit.
depending on how much carpet is in the house, a few hundred could cover it. also, the main deposit could be used to replace carpet if/when needed. if it's a whole house full of high end carpet, he should consider baking replacement into the rental amount.
Posted on 6/3/19 at 4:47 pm to lsujro
I do first, last, and a security deposit... effectively 3 months rent.
300 non refundable pet
100 cleaning fee
Also first 150 dollars of any repair (excepting applliances)
This is for a single family home, mid level.
300 non refundable pet
100 cleaning fee
Also first 150 dollars of any repair (excepting applliances)
This is for a single family home, mid level.
Posted on 6/3/19 at 7:50 pm to BoogaBear
quote:
know 12 is typical, does it make sense to do 24? 36? Or is it still better to just do 12 month and renew?
I have one tenant that I gave a 5 year lease. They have additional security and it’s been great for both of us
Posted on 6/3/19 at 7:57 pm to lynxcat
quote:An apartment complex usually isnt going to require same type of deposit as renting a house from an individual. Security deposit equal to a month’s rent on a rental house is pretty common around here, but most apartment complexes are $250-300 range
I do not pay that for any apartment
Posted on 6/3/19 at 8:34 pm to natsoundup
We're probably doing them more of a favor than they are us since they are family friends. Good people, we agreed to lower rent in exchange for not fixing certain things that a typical renter would want fixed.
4 bedroom split level for $1,500 a month is the only thing agreed upon so far. The deck and fence need repairs and it definitely needs interior painting. They offered to do all of that. I wanted a 12 month lease since this is our first time renting, need to make sure we are ok with it all.
4 bedroom split level for $1,500 a month is the only thing agreed upon so far. The deck and fence need repairs and it definitely needs interior painting. They offered to do all of that. I wanted a 12 month lease since this is our first time renting, need to make sure we are ok with it all.
Posted on 6/3/19 at 9:05 pm to BoogaBear
Vacancy and repairs cost money
Posted on 6/3/19 at 9:32 pm to Mr.Perfect
I do a $250 pet deposit and then $25-$50 more per month than I regularly charge. Security fee is one month rent. I absolutely would do a long term lease if they want to do it. The market isn’t going to adjust that much in one year and if someone moves out after one year you lose at least one month rent which is going to be greater than the $100 extra you may be able to charge with a new tenant. Then you almost always have to pick up the utilities for a month, spend time renting it out and fixing a few things. I want tenants to stay in general around 3 years.
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