Would you consider a 3-month lease?

Question

I currently have a duplex listed for rent, and have been contacted by a relocation specialist trying to place a family that had something happen to their house (don't yet know the details, just told they are working on an insurance claim on it). They are looking for a 3-month lease with the option to extend and are "willing to pay a premium". Apparently they also have 2 dogs. So my questions for the BP community are:

1) Would you do this? The property is normally a 12-month lease type property. Assuming I rent to them I'd have to look for another renter sometime between May and August.

2) How much of a premium would you charge? The property is currently listed for $1250/month (assuming a 12-month lease)

3) Would you charge a pet fee in addition to the rent (I normally charge $250/pet on normal leases)

4) Are there any additional risks, etc. I should be considering when looking into this?

Steve DellaPelle · Answer

Hi @Kevin S.! I work for a PM company and we receive these requests a lot! We've received so many I have always thought this is a great niche market because we (and most competitors) only allow a 6 month minimum for leases.Our pricing structure is complex and takes into account many factors so it is difficult to say how much you should charge for the premium. However I can share an example...a 2 Bedroom renting with a 12 month lease will be around $2,700/month but something with a 6 month lease will likely be around $3,100/month.I would certainly consider this option and finding renters between May and August should not be hard! Pet fees are up to  you (make sure it is legal in your state)...we charge pet rent ($60 for dogs and $30 for cats) but we cannot hold a deposit for pets.

Stick to your screening process as well. Just because they are a corporate rental does not mean they are qualified for your rental.

Any questions let me know!