3 ms·

How many are in this category though? It seems like a minority case and any decent job which may require relocation or unpredictable permanence offers moving as

How many are in this category though? It seems like a minority case and any decent job which may require relocation or unpredictable permanence offers moving assistance that handles breaking leases.

leetcrew 6y ago
> It seems like a minority case and any decent job which may require relocation or unpredictable permanence offers moving assistance that handles breaking leases. first of all, this is pretty uncommon outside of relatively high-paying professional gigs. the average person's idea of a "decent job" is probably quite different from mine or yours. also not all leases have a buy-out clause. you might be on the hook for the entire remaining term of the lease, which, on the margin, can change a new employer's willingness to pay. I actually just had this situation with my previous roommate. we had just signed a new one-year lease when he got an offer. they almost declined to pay out his share of 11 months' rent when they learned there was no buyout clause. this was a tech company hiring him as an SWE. I don't know what share of short-term renters are doing it out of necessity, but I do have several friends that are in this position. I'll use one of them as an example. he dropped out of school with about a year's worth of credits left, so most white-collar positions are not on the table for him. he currently works in a restaurant, but he has a worsening health condition that makes this a short term option at best. he's trying to get into a trade that would be at least a little better for his health, but not having a lot of luck at the moment. basically he needs to be ready to get up and go at a moments notice to anywhere he can find better work.
Balgair 6y ago
It's a good question and a hard one to answer. Many factors could contribute to needing under 1 year leases. I don't have a good answer, but you can look at your local leases. Near me on apartments.com, the 'short-term' category is ~40% of all the listings. Drilling down a bit into some of those categories, 3 month leases seem to be the lowest, outside of month-to-month leases. My area may be an outlier, it is covid time afterall. But 40% is not an outlier, especially when it has an option in a drop-down menu.
- leetcrew 6y ago
  in some of the poorer neighborhoods near me, you even see a bunch of week-to-week rentals on craigslist.
- mjcl 6y ago
  When the larger property manager companies offer short leases (3 - 6 mos) the monthly price is usually higher to 'recover' the cost of more frequent unit turns (Thanks to 'revenue management' from companies like YieldStar). These options aren't really intended for people on the edge, since applicants still need to pass the same credit screening requirements which are usually based on income to rent ratio.

How many are in this category though? It seems like a minority case and any decent job which may require relocation or unpredictable permanence offers moving assistance that handles breaking leases.

leetcrew 6y ago

> It seems like a minority case and any decent job which may require relocation or unpredictable permanence offers moving assistance that handles breaking leases. first of all, this is pretty uncommon outside of relatively high-paying professional gigs. the average person's idea of a "decent job" is probably quite different from mine or yours. also not all leases have a buy-out clause. you might be on the hook for the entire remaining term of the lease, which, on the margin, can change a new employer's willingness to pay. I actually just had this situation with my previous roommate. we had just signed a new one-year lease when he got an offer. they almost declined to pay out his share of 11 months' rent when they learned there was no buyout clause. this was a tech company hiring him as an SWE. I don't know what share of short-term renters are doing it out of necessity, but I do have several friends that are in this position. I'll use one of them as an example. he dropped out of school with about a year's worth of credits left, so most white-collar positions are not on the table for him. he currently works in a restaurant, but he has a worsening health condition that makes this a short term option at best. he's trying to get into a trade that would be at least a little better for his health, but not having a lot of luck at the moment. basically he needs to be ready to get up and go at a moments notice to anywhere he can find better work.

Balgair 6y ago

It's a good question and a hard one to answer. Many factors could contribute to needing under 1 year leases. I don't have a good answer, but you can look at your local leases. Near me on apartments.com, the 'short-term' category is ~40% of all the listings. Drilling down a bit into some of those categories, 3 month leases seem to be the lowest, outside of month-to-month leases. My area may be an outlier, it is covid time afterall. But 40% is not an outlier, especially when it has an option in a drop-down menu.

leetcrew 6y ago
in some of the poorer neighborhoods near me, you even see a bunch of week-to-week rentals on craigslist.
mjcl 6y ago
When the larger property manager companies offer short leases (3 - 6 mos) the monthly price is usually higher to 'recover' the cost of more frequent unit turns (Thanks to 'revenue management' from companies like YieldStar). These options aren't really intended for people on the edge, since applicants still need to pass the same credit screening requirements which are usually based on income to rent ratio.