People often want to know whether they can rent two or more apartments at once. There are various reasons for which you may need more than one lease. You may need to use more than one apartment due to your work. Other times, you can afford it, and you’re willing to.
Nothing should have to stop you from leasing more than two apartments at the same time. After all, it is your right, and you should not bear penalties for enjoying such freedom. We want to help you understand all you need to know about leasing and multiple leases.
Generally, this is not illegal. When you want to begin a new lease, you can. Homeowners who rent out apartments are often private individuals. So, they are not bound by social considerations that will mandate them to deny you a lease.
So far, you can meet all the obligations that come with the lease; you are good to go. But to properly understand what these obligations entail and other lease-related questions, continue reading this article.
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Can You Have Two Apartment Leases at the Same Time?
As stated above, you can have two apartment leases at the same time. Various reasons exist why you may choose to have two apartment leases at the same time. You may even decide to have more than two.
The primary factor is whether or not you can afford it. Many people will not consider renting two apartments due to the cost alone. However, if you can and it benefits you, why not?
Another thing you need to consider is whether you can meet all the lease obligations. Having more than one lease means you have two apartments to maintain. The contract guiding a rental will always set forth the lease obligations. This will include the permissible use of the lease and how you should conduct as well.
You should also know the relevant regulations that may be guiding the lease. Laws may differ from one location to another, thereby imposing different obligations. Accustom yourself to these, and you will have no problem.
Many people obtain more than one apartment for different reasons. Here are a few examples to inform your choices:
1. Overlapping Leases
One common reason people often enter into multiple leases is if the leases are overlapping. This happens when you intend to move, and the new apartment overlaps with your current lease. The overlapping period can be 10 days or a month.
Although this may work for your convenience, it often creates a case of leases. However, the little comfort leads to more expenses to bear. If you are currently in a 1- or 2-bedroom flat, you will have to pay the actual price if you overlap for just a month. That’s more cost to your list of expenses.
2. Frequent Traveler
If your work or school’s nature requires that you try often, you may find yourself in these shows. Traveling will have you sleeping in different locations based on your schedule.
You can choose to get hotel rooms. However, that depends on the length of your stay. If you are staying for more extended periods at regular intervals, you may have to get a separate apartment. This leads you to have two apartments at the same time.
3. If You Are Rich
While not everyone is equally rich, some are richer than others. People get more than one apartment for the sake of leisure. Perhaps you go on a vacation at a particular period of the year. You can get an apartment there which you make use of during your stay.
It is a common trend to see wealthy people have multiple homes. Many times, it’s for convenience and because they can afford it.
Although you can have multiple leases, there are some possible exceptions. These are instances where the landlord may refuse to grant you a lease.
Exceptions When Landlord May Refuse to Grant a Lease
Financial Risk
Since homeowners are often private individuals, they have the full autonomy of their houses. As such, if they consider you a potential risk, they may refuse to grant you an additional lease. The common risk here is financial risk.
The fact that you intend to get more than one lease doesn’t mean you’re financially stable. If a landlord runs a check on you and realizes your low credit rating, the landlord may refuse you. In essence, people with a history of defaulting payments can find it difficult to secure more than a lease.
Government-Assisted Housing
There are times when you get a house with the government’s assistance. If this is the case, there may be specific issues that will hinder you from securing an additional lease. This is a possible occurrence since your first house is from a government housing program.
If you fall within this category, you may have to consult your lawyer to determine the way forward.
Can Someone Live in my Apartment Without Being on the Lease and For How Long?
Perhaps you are wondering whether someone can live in your apartment without being on the lease. You are not alone, as this is a question many people ask. However, the answer depends on a few factors, such as the person’s status and age.
In the US, a child is anyone under the years of 18, and consequent is a minor. As such, a child can live in your apartment without being on the lease. At best, the child can be listed as an occupant.
If a landlord makes a child sign a lease, it will hold in a court of law. There is one instance where a child can rent an apartment early before 18, and that’s if the parents have legally emancipated the child. Even in such cases, there are still laws binding what the child can and cannot do.
Granted, everyone in your apartment does not have to sign the lease. However, adult children have to sign the lease. If they don’t, there are risks for the adult child and both the landlord. If the adult child damages anything in the house, it will be challenging to make the child liable.
Also, since the adult child did not sign the lease, it is easier for the landlord to remove the adult child from the house.
Another category of people who should sign a lease is your roommates. If you have a roommate and the person is an adult, they should sign the lease. Failure to sign the lease may increase your level of liability.
For instance, if the roommate does any damage to the rental, the landlord will charge you for the damage. You should know that it is the people who sign the lease responsible for any damage that arises.
Therefore, someone can live in your rented apartment and not sign the lease. This is especially the case if you have a short-term guest. This is also the case if you have a child who is a minor. However, if you live with adults who can bear responsibilities, such as a roommate, you need to ensure they sign the lease.
You will find that most leases understand this. They always provide a time-frame to determine how long it is too long for a guest to stay. This is not saying you cannot have a guest stay for long. But, if the guest stays more than the stipulated period, they have to be on the lease.
Most leases stipulate 14 days for a 6-month lease. That is, a guest that will stay more than that number of days should sign the lease. This is because the longer the guest waits, the higher the chances of damage.
Can You Rent an Apartment and Own a House at the Same Time?
Renting an apartment while you own a house is a thing of choice. You can choose to do it without affecting anyone’s rights. More so, many landlords are concerned about your credit rating and whether or not you will default any obligation. As long as you can satisfy this, they will rent out an apartment to you.
You can have reasons to own a house and rent an apartment. One such reason is work. It can also be for vacation or leisure. It will be too costly to build a house every time you need to be in a different location for a while. As such, you can conveniently rent an apartment.
Unless there is a specific reason preventing you from doing so, you can own a house and rent an apartment.
Can You Move Out of the Apartment Before the Lease Ends?
Terminating your lease earlier than it ends can create liabilities. When you sign a lease, you agree to pay the landlord rent as long as your lease persists. The lease agreement may also contain this clause. The essence of this clause is to protect the landlord in cases where tenants want to leave arbitrarily.
1. The Landlord May Agree
The best-case scenario is when your landlord agrees you can leave. You can approach your landlord and communicate your reasons for leaving. It can be that you changed jobs or something is taking you away. If your landlord agrees, this will reduce the risks you run by going and puts you on a good term with your landlord.
Do not accept just a verbal communication of acceptance. You can email your landlord stating your intention to leave and request a written acceptance. You should ensure this carried the date and all the necessary details.
2. You Can Assign Your Lease
If you have to leave, you may be able to assign your lease to someone. When this happens, a separate person takes up your lease while you move out. However, you both will continue to be responsible to the landlord. Ensure the assignee understands the obligations, as you both will be responsible for any damage.
Before assigning your lease, ensure that it conforms with your lease agreement. Some agreements prohibit tenants from assigning their leases. Some allow assigning, but only with the permission of the landlord.
3. If You Leave
Suppose the landlord disagrees with your leaving; you may go anyway. When this happens, the landlord may refuse to pay your security deposit. Some landlords may also require that you pay the rent until the lease lapses.
You can write the landlord stating that the law requires that the landlord makes a reasonable attempt to get a new tenant. You can help search for a new tenant and also offer to pay for brokering. This may reduce the risks you run
How Many Apartments Can I take on Lease in my Name?
Since taking a lease is based on your wealth, you can take as many as possible. It is not illegal to take up more than two leases in your name. Although landlords run a check on you, they will be satisfied once you have a good credit rating.
It is uncommon for many people to have several leases. So, the few people who choose to do often face no problem. What may hinder your multiple leases is if you have a history of defaulting payments. Other than this, you are good to go.
Conclusion
By now, you know the liabilities that may arise from defaulting lease obligations. But more importantly, you know you can hold more than one lease at the same time. Landlords are often private individuals, concerned about money and your credit rating.
It is noteworthy to know the obligations of your different leases. Since they may be in varying locations, the chances are high that they may be different. Stick with this, and you will be fine.