Renting while building a home

2 Replies

Hi there, I am a first time landlord and trying to rent out a newly renovated duplex. I have quite a few people asking to rent only for  3-5 months while waiting for their house to be completed. Any advise on how to go about this? Should I do it or wait until someone who is willing to sign a one year lease? What are the pros and cons of doing this?

Originally posted by @Eli Naulu :

Hi there, I am a first time landlord and trying to rent out a newly renovated duplex. I have quite a few people asking to rent only for  3-5 months while waiting for their house to be completed. Any advise on how to go about this? Should I do it or wait until someone who is willing to sign a one year lease? What are the pros and cons of doing this?

Assuming you aren't paying a commission, I would charge a 1 month premium split over the terms of the lease. 

If rent is $1000, I would charge $1250/month for a 4 month lease.  I would also have an increase for a follow-on month-to-month.  Also look at the calendar, so that you aren't getting a vacancy in the winter.

Great. Thank you.

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