Wednesday, August 13, 2014

Moving to a New City for a Job? A Few Considerations for Renters.

Before you move to a new city for a job, consider at least one of options that may protect you against renting a horrible residence or losing too much money should you decide to return home:
(1) stay in temporary housing for a few months, keep your furniture in storage, and take your time looking for an apartment;
(2) consider a six month lease;
(3) demand an early termination provision on a twelve month lease that has no more than a two month penalty payment; or
(4) demand a sublet provision in the lease.

(1) and (2) can cost a few hundred dollars a month over a twelve month lease. Many large management companies have (3) and (4) in their leases.

Subletting may be great if you can find a responsible tenant.  However, unless the landlord relieves you from responsiblity for paying the rent and for any damages, you become the guarantor of strangers.

Regardless, the biggest mistake you may make is to lease a location for twelve months without seeing the apartment or home.  If the manager says you have to hurry because others want it, you should consider letting it go.  It's not worth the risk.

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