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Hi,

Got a friend who is looking at a 11 month rental contract where the owner wants the 11 months rent up-front. They are going through a property agent.

Any comments I can give her on this idea ? Anyone else heard of something like this before ?

thanks
 

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Hi,

Got a friend who is looking at a 11 month rental contract where the owner wants the 11 months rent up-front. They are going through a property agent.

Any comments I can give her on this idea ? Anyone else heard of something like this before ?

thanks


No, it should be:

One month deposit and one month in advance on unfurnished.
Two months deposit and one month in advance on furnished.

Anything else is between the landlord and tenant - I've heard of deals struck, ie a smaller monthly rate if its all paid up front, but other than that - no!
Of course it has to be said that some landlords have been "burnt" by tenants who dont pay, or who have run off without paying. But thats not really the point, It is a renters market at the moment, although its the summer and summer rentals can be very lucrative

Jo xxx
 

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As Dionne Warick once sung ''walk on by'' (trumpet) ''walk on by'' (trumpet) etc, way to much money to up front, never pay more money than you can walk 'comfortably' away from regarding up front rents, deposits etc, just spin round in your seat and point to all the empty properties in his window and also mention he's not the only agent in town.
 

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Thanks for the replies - she's not a member of the forum but will be viewing all the responses, so keep 'em coming ! Thanks again.
 

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Hi,

Got a friend who is looking at a 11 month rental contract where the owner wants the 11 months rent up-front. They are going through a property agent.

Any comments I can give her on this idea ? Anyone else heard of something like this before ?

thanks
Have I heard of it? yes

Would I pay it? not in a million years

I wouldn't sign an '11 month' contract, either, even paying rent monthly

Many of these contracts have a clause which calls them 'holiday lets' & state that they aren't covered by the LAU (residential contract law)

If it doesn't have that exclusion clause the '11 month' bit is pointless anyway, because since it's for longer than 6 months, it's covered under the LAU automatically & rolls over for 3 years (as log as the tenant pays the rent & so on ) - so I'd sign that happily - but no way would I ever pay more than 1 month deposit (maybe 2 for furnished) & a month rent upfront
 

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My son once had to pay 6 months rent up front because his income didn't match the requirement for the monthly rental cost as commission\bonus where not taken into account. HOWEVER this was through a very well know local estate agent. I don't think it would be wise to pay any more than 6 months upfront. What if you need to give notice and move?
 

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We pay a year's rent upfront because it suits us, we've been in the house for seven years almost, have a good relationship with our landlord and have agreed a slashing of the rent by 50% in return.

But NO WAY would I a) take on an eleven month contract which I believe is no longer valid in law or b) pay that kind of money upfront to a landlord of whom I know nothing and for a property I have yet to live in and have no idea of what kind of landlord or what kind of neighbours I'm taking on.

Until we got to know and trust our landlord he got his rent first monthly, then quarterly, and only in Year THree did we pay the year upfront, entirely for our convenience, not his.
 

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Rent

No, it should be:

One month deposit and one month in advance on unfurnished.
Two months deposit and one month in advance on furnished.

Anything else is between the landlord and tenant - I've heard of deals struck, ie a smaller monthly rate if its all paid up front, but other than that - no!
Of course it has to be said that some landlords have been "burnt" by tenants who dont pay, or who have run off without paying. But thats not really the point, It is a renters market at the moment, although its the summer and summer rentals can be very lucrative

Jo xxx
Jojo, it presumably depends on provinces. In three years here and three different places, it has always been one month deposit on either furnished or unfurnished.
 

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Jojo, it presumably depends on provinces. In three years here and three different places, it has always been one month deposit on either furnished or unfurnished.
....... and agents. I think with furnished they can get away with it being two months........... We moved a fair bit, into furnished and we cant remember what we paid lol. But there is no way we'd have paid 11 months up front and we always negotiated the monthly rental price down and got it!

Jo xxx
 

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I keep saying it here so for the 10,000th time the Costas are a renters heaven. You can rent off season for a month by month basis and literally not leave the road where you first rented such is the state of supply outstripping demand.

A landlord looking for 11 months payment up-front is one of the following:-
1. Afraid Renter will not stay 11 months.
2. Unaware of the demand of rented property available nearly everywhere
3. Is greedy.
4. Is stupid

I wouldn't touch that property.
 

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I keep saying it here so for the 10,000th time the Costas are a renters heaven. You can rent off season for a month by month basis and literally not leave the road where you first rented such is the state of supply outstripping demand.

A landlord looking for 11 months payment up-front is one of the following:-
1. Afraid Renter will not stay 11 months.
2. Unaware of the demand of rented property available nearly everywhere
3. Is greedy.
4. Is stupid

I wouldn't touch that property.
nor would i........ just walk away
 

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I think it's up to the renter. As others have said there are more properties out there so if you don't like the conditions being offered don't sign up to them.
If the owner wants you to sign up to this agreement there has to be something in it for you like in mrypg9's case. They get a whopping reduction in price.
But it is very risky especially if the renter hasn't lived in that property before.
 
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