<p>I have a 9 month lease, and it's actually a pain. The lease ends THE SAME DAY AS the last day of finals. That is horrendously inconvenient.</p>
<p>Oh...one other nice thing about those 12 month leases...you can move "back" to college whenever you feel like it. You aren't beholden to the dates when the "dorms officially open"...or close. We were able to schedule airline flights for our kids on odd days because they could get to school early...or stay late.</p>
<p>re Furnishings, my daughter was able to pick up furnishings for her first apartment for free or extremely cheap from graduating seniors. She got TV's, easy chair, bed,dining set, desk, bookshelf, dresser, mini fridge, toaster oven, ellipitical machine all for less than $100. Then she sold it off or gave away when she went abroad, just stored a few things. Used craigslist and a gradschool listserv.</p>
<p>Now she is subletting a furnished place for final semester. She has sublet a place every summer since freshman year, except the one year she had the 12 month lease. Places do go for very cheap and people are happy just to recoup a $200 or $300 a month.</p>
<p>I do commercial real estate financing, and I can tell you that student housing markets are generally either 12 month markets or 9-10 month (school year) markets - rarely is there a mix. Usually if you have a 9 month lease you're paying a premium anyway. Frankly, it's nice to have a place to store stuff during the summer, and it's often possible to sublet (although that opens up its own can of worms).</p>
<p>The Op thinks a standard, common 12 month lease is a rip-off because his son needs only 10 months? Seriously? A rip-off? Say it's disappointing. Say it's unfortunate. But a "ripoff"? It's not fair to want to lease a home for 12 months, hence his use of the term "rip-off"? How about seeing it from the investor's(landlord) point of view? Would you think it fair to make him rent to your son for 10 months, then make him have an empty unit for two? If he were to rent unit for 10 months, do you think he could get a replacement tenant in that only wanted to stay for 2 months, without missing a day's rent? If not, then his unit sits empty for 2 months waiting on the next semester to begin. In the meantime, he likely pays a mortgage, utilities, property tax and insurance on a vacant property. Somehow you think that is fair; as requiring 12 month lease is a "rip-off"? Even if we were to assume(and I can barely keep a straight face) that college students would leave a unit perfect- and ready for the next tenant, there is practically no chance another renter would come in wanting only 2 months, then be out for the next semester's new year-long tenancy.
The landlord offers a product- a home to those who want to rent. If you don't like his terms offer a counteroffer or move on to another rental. He doesn't have to bend because a potential renter has atypical housing needs. He can, of course, if it's in his best interest. But he doesn't have to.
Those who buy a new car pay the negotiated price, even if they expect to sell it before it's completely worn out. Restaurants don't offer partial refunds for patrons who <em>feel full</em> before their meal is finished. If you hire a painter by the job, and he finishes quicker than you expected you don't get a partial refund.
Negotiate the terms and if they don't suit you move on. It's not a rip-off if what a potential renter wants is different than what a landlord wants- in this case.</p>
<p>S goes to UCLA, 12 month leases in LA are the norm. Actually, it hasn't been hard to sublet for a month or two as there are kids in summer school who need a place to stay.
Otherwise, it actually turns out to be cheaper than the dorms as another poster said. As far as furniture goes, the kids have ways of finding furniture on Craigs list etc. so I wouldn't worry about it too much.</p>
<p>S goes to UCLA, 12 mo leases seems to be the norm. It hasn't been hard to sub-lease in the summer as kids need a place to stay during summer school, work etc. After the first, year, he spends most of his time in LA anyway. Craig's List is a great way to find furniture, the kids have ways of working it. I wouldn't worry about it too much. Also it is less expensive than the dorms as another poster noted.</p>
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If [landlord] were to rent unit for 10 months, do you think he could get a replacement tenant in that only wanted to stay for 2 months, without missing a day's rent?
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<p>The summer months are different for both the landlord and the student tenants, and an intelligently written rental contract would reflect that.</p>
<p>The intelligence of the tenant or landlord isn't at issue here. The quality of a carefully written lease isn't at issue here. The issue is that the prospective tenant wants an atypical lease and fully expects the landlord to accommodate. By not doing so, the OP says the landlord is ripping off the tenant. Op has now learned from comments here that 12 month lease is quite common. Although many here have stated how common a yr long lease is, I am surprised no one but me has objected to the Op's phrase about it being a ripoff. It's not a ripoff. It's not unusual. Seeking a 10 month lease is unusual.
The summer months are different for this prospective tenant- he likely will be gone and have no desire for the privileges or obligations of the unit. However, it is not that different for the landlord. He still has a unit costing him money all year, but in this circumstance would have no money coming in summer. Of course he could write a 10 month lease but the LL doesn't want to. If a landlord wants to have his unit rented all year- what's wrong with that? If the LL is too rigid he may not find a renter- but isn't it his right to make his own decisions? </p>
<p>The tenant doesn't like the terms the LL offered. Thats ok. If the prospective tenant thinks the 2 summer months are easy to get a replacement tenant, then do a 12 month lease with permission to sublet. Let the renter take the risk of finding a replacement. Or a do slightly higher monthly rent in exchange for a 10 month lease, try for a month-to-month lease, or other options.</p>
<p>12-month leases are pretty much the standard in college towns, at least here (Colorado). And like edad said, in the long run, I believe it ends up being a blessing because it gives you a place to store your stuff and you aren't forced to immediately move things out of a place upon the end of the term. I guess I hardly find it a ripoff. Truth is - in a college town, the landlords pretty much call the shots. If you want to live near campus, you'll have to accept the lease length they offer.</p>
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<p>Well said. I agree. Might not seem like a big deal now, but when you have that place over the summer, it is great.</p>
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<p>The rental consists of an essentially deterministic part (the school months) and an embedded option (the summer months).</p>
<p>My point was that in most circumstances it's irrational to price that option at zero.</p>
<p>Most likely the unit has some value for one or both parties in the summer, and they can reach a better deal by taking that into account.
How big a financial difference that might make, can vary. But it can be substantial enough to at least think about it when drawing up
the contract.</p>
<p>Daughter in college in Philadephia area--furniture was passed down at a very reasonable rate with a 12 month lease. We purchased a room AC and that was it. She had everything else from on campus apartment. Son attends school in Pittsburgh, we signed a two year 12 month lease. Empty apartment!!! Isn't there an Ikea around??? My kids loved having a place to go in the summer to visit their friends!! Or if they wanted to return to school early to hang out before the semester started.</p>
<p>At UCI, in SoCal, the kids rent beach houses, the rent off season for a month is the same as a week in the summer, but the down side is they usually have to move out the week BEFORE finals!! I am not sure what people do with their stuff without friends or family in the area.</p>
<p>Another DD has had excellent luck subletting her room each summer, her roommates have been less vigorous in pursuing a lessee</p>
<p>Yup, both of my kids had 12 month leases,undergrad and grad. My S was too lazy to actively seek a summer tenant and my D had to pay full fare when she went away for a semester abroad so basically she was paying 2 rents. Those are the things to think about when considering off campus housing.</p>
<p>I am also familiar with Cornell area/Collegetown, and the leases were typically 12 months. Made for cheap summer sublets for those seeking to stay in Ithaca for the summer. I went to grad school in Atlanta, and there were many apartment complexes that had a lot of, but not exclusively, students. There were 10 month options, and I started out in one of these. I ended up living in that unit for 3 years, renting my room out one summer to a subletter, and my roommate doing the same for her room, but a different summer. When my roommate graduated, and I had a year to go, my summer job was in NYC, so I gave up the apartment (which was furnished), and the landlady, who knew me for years told me she would have something for me in the fall, but she did not know which unit. I think she told me a couple of weeks before I returned which apartment I would have. (It was right above hers, and the air conditioning was so much better than in the old one.) She increased the rent, but only a little. However, a married friend who lived in a rented house graciously let me store all my stuff (no furniture) in her basement, gratis, which was a blessing to me, since I was short on money back then.</p>
<p>In Atlanta, lot of people who lived far away and did not own furniture rented from a furniture rental company. I think that this is good for the living room, kitchen, dressers etc., and maybe a bed purchased from on line type retailer would do it. I don't know USC, but maybe the scavenged furniture thing works there too. In undergrad, none of the furniture in off campus places looked new.</p>
<p>Ha son just rented a studio for Fall 09 in boston. Not only is it a 12 month lease, you pay first, last, security deposit and broker fee now even though he won't be in the apt. till Fall 09.</p>
<p>12 month leases are the norm. Yes it can be a pain for students that don't want to be in town during the summer, but it's a pain for the landlord to rent the place out for just 2 months so they make it the tenant's problem and not their own problem. </p>
<p>That said, in most college towns it's generally not too difficult to sublet out an apartment for the summer. I would note though that quite often the tenant won't be able to get full rent for the sublet deal (especially if they really want to get the place subleased) and will still end up paying some of the rent.</p>
<p>Sure the 12 month lease may be a drag this year but who knows how it will work out in subsequent ones. It allowed our son to spend one summer on campus working with a prof on a research project. During other summers it allowed him to go back occasionally for socializing and school related matters. That 12 month lease was one of the real benefits of off campus living and it saved him a ton of money each year, about $4000.</p>