I am planning on selling my Oakland condo in 1 or 2 years and would like to have a short-term tenant in the meantime.
I don't want to sell yet since I am moving to a temporary job and have only owned for 1.5 years.
My unit is covered by rent control and just cause evictions. I don't want to sell my condo occupied because it won't necessarily generate positive cash flow for a new purchaser based on current market rent.
Is it illegal to have a lease that does not renew? Is there any way to do a sublet agreement that is temporary?
Or, if I want to sell the condo unoccupied do I have to wait until the tenant moves out, which could be never?
List you unit as a short term rental on Airbnb for 30 days or more. Plenty of people do that.
Hmm thanks. I’ll have to think about the math on that and logistics. Does anyone know what vacancy rates to expect or have a management solution recommendation?
I believe your best course of action would be an owner move-in buy out. It is outlined under the Uniform Relocation Benefits ordinance. $6500 for 1-bedroom
Not to be confused with Oakland’s new buy out ordinance that allows owner/tenant buyout negotiations for any reason, beyond owner move in.
I think it’s a little dated but here’s an article to get a brief overview of Uniform Relocation Benefits
I’ve been learning everything I possibly can about Oakland Rent Control laws but I highly encourage you to seek legal counsel while charting your course as a wrongful eviction can be devastating for the landlord. I found a really good attorney with no retainer fee who’s great for bouncing ideas off of, PM me if you might need the reference.
Hope that helps, good luck
@Kell Caro thanks for your response. Unfortunately I don’t think I’ll be returning to Oakland after my temporary placement so owner move-in won’t work.
I was also going to suggest a service like airbnb, check to make sure your area allows short term rentals first through airbnb first.
@Diva Deeva depending on the location of your unit, you might be able to hook up with somebody that is in the master lease space like @J. Martin . Since your unit would only be a short term prospect, it probably does not make sense for master lease guys to fully furnish and market the unit, I would suggest that you offer the unit fully furnished so that it makes more economic sense for all parties.
Originally posted by @Arlen Chou :
@Diva Deeva depending on the location of your unit, you might be able to hook up with somebody that is in the master lease space like @J. Martin. Since your unit would only be a short term prospect, it probably does not make sense for master lease guys to fully furnish and market the unit, I would suggest that you offer the unit fully furnished so that it makes more economic sense for all parties.
It's a tricky situation. No, you can not have lease or sublease in Oakland that ends and does not renew, unless you personally live in the property. If you share the space, there are different rules. But leaving some stuff in a room won't cut it.. You have to actually live there.
I agree with Arlen that it is much more marketable to a shorter-term tenant, if it includes furniture.
I also lease properties from other landlords, and can vacate the property at owner's request when they need to sell, as Arlen mentioned. Give me a call if you're interested in chatting about it.