If you’re looking to say an early, “Goodbye!” to your rental space and slip your way out of a lease before it’s ended, you’ll often have a couple of options. You’ll usually have the choice of paying some sort of fine or amount of the rent you promised to pay initially, or you can find someone to take over the lease for the rest of its duration. Now, it truly depends on the stipulations in your contract, but if you have the option, finding someone to take over your lease is likely the easiest way out. And even for those who stick it out until the end but choose not to renew a lease once it’s over, finding someone to rent a space after you leave can sometimes come with an incentive. Reduced rent perhaps?
Again, it all depends on your property manager and the terms of your lease contract. But, if you find yourself looking for someone to take over your spot in a rental space, there are a couple of steps you should follow.
First, be sure to speak with your landlord about your desire to end your lease early. They will likely be able to help in finding someone to cover the lease. Because it will surely mean lost rent if they don’t find someone, your landlord will want the space filled as quickly as possible.
If you’re at a loss for where to find potential lessees, be sure to search online forums like Craigslist or Facebook Groups for any individuals looking for rental space in your area. It can also be helpful to spread word through friends or social media to see if any acquaintances are searching for a space to rent as well.
You’re given receipts for a reason—keep them. That’s the motto when it comes to paying your landlord or property manager each month. If you’re leasing a space, whether it be warehouse, office, living space, or flex space, be sure you keep all pay stubs and receipts, money orders and checks. Just in case there is a problem with the payment process, say a check is lost in the mail or your landlord misplaces a money order, it’s handy to have documentation of your payments. In the case of a legal dispute, these can also be vital for securing your rights as a tenant.
But payment records aren’t the only ones you should be keeping, and receipts go far beyond the realm of money. If you’re looking to be an extra diligent lessee, keep a record of the official conversations you hold with your property manager or landlord. Whether these be about problems or concerns that arise as you’re using the space or updates to rules and regulations, it’s important to keep track of the changes that occur while you’re a tenant.
By recording all of the times you’ve requested a plumbing fix or reported the presence of pests in an apartment, you can better leverage your concerns with your property manager. Keeping records of any building-wide notices, complaints, or changes in policy can also keep you engaged and abreast of any problems and concerns affecting fellow tenants. If your landlord knows that this is the fifth time a complaint has been made, more dire action can be taken to fix an issue. This attention to the status of your rental makes you both a better neighbor and a better lessee.
As the number of students in the country grows so does the cost of tuition and the price of living in student housing. While some universities require students to live in dorms for the entire duration of their studies, a good portion of schools now allow their students to roam free and begin what is often their first adult living experience renting an apartment or home of their own.
For landlords and property managers, the student market is one that keeps space profitable and busy for a long time. If you own buildings near a college campus, you’ll pretty much always have a pool of potential lessees to choose from. But what are students looking for in a short-term rental during their college years? And what steps should landlords and property managers take to secure the safety and health of their properties with lessees that are young and so frequently in-and-out?
It may be obvious, but the number one draw for students when it comes to renting property is free internet access. Students need an internet connection to socialize and do their work, so any rental space that offers no-hassle internet will attract young renters. Students are also more likely than other renters to prefer new and updated spaces. Keeping properties modern will draw in those students with more money to spend, often courtesy of their parents.
While the student market is profitable for property managers, it can be stressful to have a constantly swinging door of new lessees. By requiring longer-term leases, a property manager can assure that their space is occupied year to year. This also keep students invested in the wellness and upkeep of their living space, as younger renters are sometimes prone to recklessness and untidiness.
When you’re renting a space, it’s easy to mistakenly place the onus on your landlord or property manager to fix and address every incident or accident that occurs on their property. Of course, they’re the ones who fix structural issues and problems with the unit itself. But what about when mayhem strikes and your own personal items are involved? It’s usually the renter’s responsibility—not a landlord’s—to replace or repair their own possessions when they’re affected by an accident. So how do ensure your possessions are protected when you’re living in or using a space that’s rented rather than owned? Two words: Renter’s Insurance.
Some property managers might require that lessees purchase renter’s insurance for their own peace of mind. Even if you’re not required to, covering your possessions can save a lot of money in the long run if an accident does occur on your rental property.
Depending on the type of renter’s insurance you purchase, it may cover a whole slew of incidents and accidents. It is usually a good idea, depending on the location in which you’re renting, to choose coverage for those incidents that are more likely to occur than others. Have an apartment near the river bed? Better have coverage for floods and water damage. Renting warehouse space in hurricane prone South Florida? It’s probably a good idea to be covered for weather damage.
The added cost of insurance can seem like an unnecessary expense. But it is especially helpful if you are renting warehouse, flex, or office space for a business or for storage purposes. In those cases, you are likely storing a large number of products or expensive equipment that would spell financial disaster if damaged.