Potential Tenant looking for 6 month lease

paddylast

I am renting out my apartment and have had only a few replies in the past week. Potential tennant did like the apartment but only could stay for 6 months as with job training their location moved.

Should i go ahead with a 6 month lease? i just think it would be hard to find someone around the new year period.

djimi

The norm with requested 6 month leases would be to ask for higher rent as there are increased costs involved. 6 months from now is not the new year period; its closer to the start of February at this stage, so Im not sure that Id let that put me off. If you feel that you may have the apartment empty for a month or so around that time then take that into account with the rent that you ask for, but bear in mind that you must remain realistic in what you ask.

Baralis1

I don't agree that it is the norm that six month leases are more expensive that 12 month leases. I've never heard of this and I've been involved in the rental market for years. If you haven't had many replies/queries about the property and you feel that this person would be a good tenant, if I were you, I would jump at the chance to take them on. Who knows, if they like the area and and the property, they may stay on longer and get a job in the area. Plus, you have someone to move in straight away. The property is not making any money while waiting for a longer term tenant.

As a tenant myself, personally, if a potential landlord asked for more money because I was looking for a six month lease, I would just walk away. There's plenty more properties to rent out there.

djimi

I didnt mean that all 6 month leases are necessarily more expensive than 12 month leases, however, if a landlord is looking to rent for 12 months and a tenant only wants the place for 6 then it wouldnt be out of the ordinary for a landlord to ask for a little more than the 12 month asking price in order to accomodate this.

As you say it depends on how likely the place is to fill. If its been sitting idle for months then take whatever you can get. If there are enough enquiries to suggest that it will fill quickly then the ball is in your court.

TheTurk1972

You will have to pay two PRTB registrations in the same year so that's two €90 charges where you would have had only one on a 12 month lease.

Then two sets of advertising fees. And twice the work to let it.

Where abouts is it? If its in Dublin you shouldnt really have empty periods. Maybe talk to an agent. You can get full management nowadays for 8%. You wouldn't have to do a tap yourself.

If its not in Dublin life will be much harder though.

djimi

You've also got to take into account the possibility that the place will lie empty gor a period of time between renters which further reduces the amount it will earn compared to a 12 month tenancy.