Charging Different Rates Based on Lease Length
Hello. I currently own a duplex with 3 bedroom units in a small college community (pop. 4100). I currently rent the units for $750 each on a one year lease term. Although I prefer not to rent to students, the area has limited potential tenants therefore there are times when the units will be vacant for 2-3 months at a time. My question is this: Is it appropriate or even legal to offer my property for two different rates dependent on the lease length. I would possibly offer them to students for a 9 month lease during the school year for say $1000 per month as it is still cheaper then the dorms per student and they are likely to split the rent between 3 people and it would still be affordable, while concurrently offering a 1 year lease term for $750 per month. That way my total gross cash flow for the year remains the same should I have 2-3 months in the summer where the units are vacant. That way I can continue to look for the desirable non-student tenants during the summer and if they remain vacant come September then I could resort to the students. Hope this makes sense. Hard to explain. Thanks for your help.