Question for Landlords
Hi. We have recently purchased a brownstone and should in February be starting an 8 month renovation. FOr a lot of reasons, including being close to the renovation, we are planning to rent in Brooklyn for the duration. Our current apartment is under contract to sell by January. One broker told us we should not…
Hi. We have recently purchased a brownstone and should in February be starting an 8 month renovation. FOr a lot of reasons, including being close to the renovation, we are planning to rent in Brooklyn for the duration. Our current apartment is under contract to sell by January.
One broker told us we should not volunteer the information that we are just going to be renting for only a year, as it would make us less desirable renters. (i.e. not long-term) In other words, financially etc, I think we would be excellent choices for a landlord. He said we shouldn’t lie, just don’t tell unless asked. However, I feel like it might be hard to find this line and I don’t want to be dishonest. So two questions:
a) Will a landlord hold it against me that I am only interested in a 1-year lease?
b) Should I tell him or her that my renovation might be finished in October? I of course would fulfill my obligation to the lease if the landlord required, but if s/he was willing to let me out once I saw the renovation heading for completion, that would be great. I could not say anything now and just bring it up in August and see what they say or I could mention it now. I’d definitely rather have the security of the 1 year lease rather than 9 months, as I don’t want to have to move a third time if I can help it.
Hi:
I am a landlord of multifamily building in downtown brooklyn. I usually only give one year lease for the first time a tenant rents from me. If all goes well I will extend. To answer your question, it does not bother me.
All good comments.
We faced this problem, and like you decided to be upfront. We did lose our first choice rental for this reason; the landlord (in an owner occupied 3 family bstone) liked us but decided to go with another family that was looking to stay longer. We have now found somewhere (an owner occupied 2 family bstone), not as nice as the first but because our landlord is also doing some renovation on the house she seems quite open to being flexible about renewing our 1 year lease, which I think we will need given the pace of work on our renovation.
Good Luck.
If you rent in a big apartment building, I wouldn’t menion it but if you rent in a house, especially one that’s owner occupied, I’d be open. As an owner of a 2-family with a garden rental, I would be seriously pissed if you didn’t tell me.
October is the when the contractor said he would be finished? I would give him another month just to be on the safe side.
what part of brooklyn are you looking to rent? I own a few buildings all over brooklyn and would be happy to have you as tenants
OP: Thanks, 11:16. That would be my impulse as well. Im not a long-term tenant, but I’m definitely a good tenant for a year; it’s not like I’d disappear afterwards, I’ll be their neighbor. I haven’t rented in so long, though, and I don’t want to hurt my chances..
By the way, “in other words” in the original post was supposed to say “in other ways”
As the owner of a 2 family, I would be happy to know in advance if you might leave in 9 months or 12 and would tend to think you are a more responsible tenant since you are also undertaking a renovation, as opposed to a young adult with no experience in property ownership.