Layoff impacting rental application – upfront rent offer?

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  • #92796 Reply

      Looking for some advice from all you more experienced and knowledgeable folks, especially landlords.

      I was laid off from my job yesterday (Friday). I’m the primary income earner because my spouse is still in school and can’t work (we’re both on visas). Prior to the layoff, we were looking for a new place to rent because our current place is being sold by our landlord. We considered buying our current place from the landlord and they were excited to work with us on it, but with this layoff we are putting any big financial decisions on hold until I find a new job.

      I would have been the primary applicant for a new home, but given the layoff, I’m concerned we won’t get approved for a place before our lease expires in June.

      We have some savings (at least one year of expenses) we can use to pay a chunk of rent upfront. Can we let potential landlords know about our situation and offer to pay say 6-12 months of rent upfront? What other options do you all recommend?

      #92797 Reply

        As a landlord, that offer is actually a red flag. Also, anything paid beyond the first month has to be given back if the tenant asks for it. It’s not the landlord’s money until the first of every month.

        Depending on state, you could offer up a larger security deposit. But this is going to be a problem for you.

        #92798 Reply

          As a landlord, I am reluctant to take anything more than a month in advance. I want the ability to remove the tenant if something goes south. I do only month-to-month leases allowing me to evict with out dispute anytime I want.

          So, in alternative, I have taken excessive deposits as reassurance…or a large deposit with the tenant paying two months upfront as well. and then always staying one month ahead.

          Some states do not allow large deposits… so, not sure where you are.

          Just some ideas for ya

          Don’t miss: How should I address my father’s decrease in rent payment while he financially supports my unemployed sister?

          #92799 Reply

            Personally, as a landlord. I’d just prefer my tenant to be honest with me. They may agree to a first right of refusal agreement or an intent to buy when he does decide to sell.

            See how flexible they actually are. Paying everything up front would be a little strange to me.

            Just do your best to find a new job and be prepared to possibly walk away.

            #92800 Reply

              This is a little different, but we are about to move to a new state, and we want to spend some time learning the area before we buy without the hassle of a rental.

              So, we are going to Airbnb for three months. Might be something to consider if you have the money but find getting into a new rental hard because of no employment.

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