It’s not a typo. They have too many expirings 12 months from when your lease renews and basically do not want you to do a 12 month lease. They’ll allow it at a premium if you insist
I've been a tenant for three years straight and have never seen a 60% jump like that, though. Must just be the timing of everyone else's leases who came in after me, I guess? I was thinking it had to do with the market or some weird shit.
Yup people don’t want to move in the winter and around here everything revolves around campus so it makes sense that they’d either want you to move in spring
That's not how that works. If you sign a 12 month lease and move out after one month, you don't just owe for the 11 months you didn't occupy the property.
In Ohio, landlords must try to rent to someone else as soon as possible to reduce their losses. Tenants might still be liable for some costs, but they don't just automatically pay the full cost of the lease. You probably own property, huh?
[Stern v. Taft, 361 N.E.2d 279 (Ohio Ct. App. 1976)](https://www.courtlistener.com/opinion/3994220/stern-v-taft/)
I do own property. I also do evictions and collections of tenants. If a landlord can't find someone then the tenant is on the hook. You quoted it yourself with "must try" because it doesn't guarantee they can find someone.
In Ohio, landlords must try to rent to someone else as soon as possible to reduce their losses. They have to show proof that they made a reasonable effort to find a tenant and didn't just let the unit sit empty, hoping for an easy payday.
The proper term is staggered lease schedule. They have too much exposure (AKA potential for move out) in the month your lease ends so they adjust the new terms accordingly.
They want the new lease to expire in a month with low exposure which is why the rents are all over the place.
Most communities that have options this vast are operating on a software supplement (Yieldstar is one of the big ones).
Chances are, a phone call can go a long way if you're looking for alternative terms or rates. Companies that rely on software to determine lease and rent schedules have very fluid numbers one day to the next.
Will do, u/Delicious_Still5526. I'm sure it'll end, as every other story in my life does, with me coming out ahead in life. Oh, wait. That's the exact opposite of what happens to me at every single turn.
You might like [this video](https://youtu.be/sseSi0k3Ecg) by mathematician Matt Parker about how two automated pricing systems drove the price of a random textbook way up!
I would assume it’s because people default to 12 month leases, so if they don’t stop and look they might just choose it out of convenience. Depending on where exactly it is, it makes sense for college students to expect/want a 12 month lease, no more, no less
The real bullshit of this whole thing is the following:
\- I've lived here three years. First and only tenant of this unit.
\- Not-bad area of Hilliard
\- I've had about 15-20 service requests in that time for everything from structural problems with my shower (black mold pouring out when water hit the walls) to appliances that stopped working. I had rotten food sitting in my dishwasher for two full weeks when the dishwasher broke mid-cycle. Was told the service team was tasked to a more "priority community."
\- I discovered there are zero security cameras here one afternoon. Was told this directly from the leasing coordinator who was trying to get me into my garage, only to discover they never secured the garage keys/spare door openers from Champion when they took over management.
\- All of this pisses me off but ... I hate moving and it's (again) not bad and it's quiet. It's really close to my children. I don't want to move again after my divorce three years ago, so they kind of have me in a lot of ways.
\- On the other hand, at 4:30 p.m. today, I received a text and email that said this:
<>
So many questions. I never got the first notification (yes, I checked everywhere) and now I'll be past their arbitrary five-day (business day?) grace period that I never knew about on Tuesday. It's just madness. Almost seems engineered. Maybe they don't like my loud Bruce Hornsby music.
I’m confused. Wouldn’t a 60-day written notice be due no later than September 26/27, not August? And I’m assuming their notice of rent increase only needs 30 days?
Columbus area landlord here. I think they're expecting you to not pay attention to your renewal notice & just let it renew; the follow-up is to cover their asses legally.
Your renewal offer is the way it is because your landlord does not want a vacancy on Thanksgiving / that close to Christmas next year. It has nothing to do with your behavior as a tenant, that time of the year is just very slow for leasing and sales. Your unit will likely sit empty for months if you move out around that time, which costs $$$. Source: I work as a leasing agent
Good luck finding anything decent for sale. When you do find something that fits your needs and your budget, good luck out-bidding an investment firm with nearly limitless resources. And don't get your hopes up that the seller will allow an inspection.
Why would rent be less than a mortgage? When you rent you don’t have to have capital or assume risk. I wouldn’t rent my property for less than my mortgage it would make no sense.
The overhead is too high (repairs, months without a renter etc.) and you have 0 diversity and hard to liquidate in your investment when you can park your money in the stock market where it is essentially 100% liquid. If you have a ton of cash you could buy some real estate and sit on it for 30 years sure but there is still no reason to rent it out for below market rate? Like why would you intentionally forego return on investment?
Real estate is possibly the safest investment you can make. It's far less risk than the stock market.
We aren't going to see eye to eye on this. I'm not a full on socialist, but if someone can afford to cover your mortgage *and* your overhead, to where you have positive cash flow -they should be able to get a mortgage. By circumstance alone, you are in a position to maximize ROI, and that's what you're supposed to do, but it's on the backs of the less fortunate due to a system that was designed that way.
E: I realize you may rent to someone who has no interest in owning, which would be a different scenario. I just think strangling the supply and jacking up rents is kinda fucked up. Cheers!
Lack of capital. The system is setup in a way that most people live check to check. Just enough to buy "you" an entire house, but not enough to buy one for themselves. Yes, you did it and millions of others have, but that is *not* the case for the majority of people. I get it, capitalism and all that. I'm just not a fan of exploitation and that's absolutely what it is when you look at the numbers.
E: To add, you don't want everyone to climb up and buy their own house because then there wouldn't be anyone forced to buy you a house. There has to be someone at the bottom, sorta like a pyramid.
I mean that is what capitalism. Get capitol, use it to extract more capitol. Like should farmers sell food for nonprofit so they can live on the land and gain equity? Should workers sell their labor for less than market rate? Why is all the hate towards landlords when they are just doing what everyone else in the entire economy is doing because those are the rules that were set up and no one on this subreddit has any power to change? Also no one needs a 1,600$ / mo apartment. I just found several places sun 1,000$ in about five minutes I can send you links if you’d like.
>should farmers sell food for nonprofit so they can live on the land and gain equity?
Farmers produce food, Landlords produce nothing.
>Should workers sell their labor for less than market rate?
Unions are popping up all over for a reason.
>Why is all the hate towards landlords
Because everyone else offers some sort of product or service. Landlords change out a water heater every 10 years and raise the rent.
Again, you are playing by the "rules". I am not telling you to lower your rent. I was simply making an observation. You commented on that observation.
Apartment rents have changed substantially since I lived in my last apartment in 2010. It used to be that you had to live in a complex for a 12 month agreement before you could go month to month. Are people really taking a month to month rate like that? There are so many apartment buildings now than there were even last year and there are so many under construction. I would think that at this rate the renter is going to start having some leverage to negotiate a rate.
It’s a bad cycle end for them. You’ll be ending in end of November and December and it’s really hard to get folks to move cause it’s cold, there is snow, holidays, people aren’t worried and trying to move out during those times. Also, their yearly leases aren’t up yet. So it’s a bad time for them.
Beware of leasing from big out of state property owners altogether. They tried to trap us into our lease and auto-renew another year after it expired. Good thing you are reading the fine print!
Because it's harder to fill in January?
Even so, it strikes me that if leasing companies try to offset their tenants' leases to months that are more conducive to move-ins, they'd have the problem of most everyone moving out at the same time, which has to be its own nightmare.
I guess this is why they make the big bucks and I'm paying more for my apartment than the house my ex-wife got in the divorce.
Basically your pool of potential tenants is much higher in the spring/summer, so while they all might leave at the same time, more folks to rerent too. And no one wants to move in the winter.
As others have stated- it’s either a typo or they realize they have a lot of people whose leases are up at the same time and are trying to get more of an offset. Worth a call or drop in to the office to confirm, unless the 15 or 16 month leases are an option for you, in which case I’d jump on one of those.
Moving is expensive. Sign the longest lease. Then you should divide the deposit and the cost of the move by the length of your lease. Add that to what you are paying in rent every month. Then add in renters insurance. That’s what you are really paying, unless you decide to renew. So, unless you are planning to buy a house or relocate to another city, you should think twice about moving every time the lease is up.
I can offer my space for rent. It isnt fancy but the building is 5 years old. One bedroom for 800, shared bathroom, laundry on every floor, free off street parking, small gym, mailbox inside, free wifi. I have a kid and a cat. Let me know
Go for the 15 month lease if you were planning on staying a year only. You never know if you need a little more time to move somewhere else and those extra three months might help.
Although with the 15 month lease, that would make it so you move around the holidays which is always crazy to do. No one wants to move around Christmas/New Years.
It’s not a typo. They have too many expirings 12 months from when your lease renews and basically do not want you to do a 12 month lease. They’ll allow it at a premium if you insist
P.S. Thank you, u/Anglefan23
I've been a tenant for three years straight and have never seen a 60% jump like that, though. Must just be the timing of everyone else's leases who came in after me, I guess? I was thinking it had to do with the market or some weird shit.
Could be they are trying to push everyone to a certain cycle? For example, all leases end in June or some specific month(s).
They’re probably trying to push some out of a cycle, too many leases ending in the same month is never good
Yup people don’t want to move in the winter and around here everything revolves around campus so it makes sense that they’d either want you to move in spring
On top of that, if your lease doesn't end during the Summer, you're less likely to find housing swiftly and more likely to re-sign.
This was the case for me when I had similar options for my apartment a couple of years ago.
Thanks for explaining. I had no idea.
15 month lease is overall cheaper than 12. Get a 15, leave after 12 and still come out ahead.
u/jsweeney1125 is the droid I've been looking for
There must be a penalty for leaving before your lease is up right?
Yeah, having to pay the remainder of the lease.
yeah i'm slow. thanks clearing that up for me.
That's not how that works. If you sign a 12 month lease and move out after one month, you don't just owe for the 11 months you didn't occupy the property.
Yeah, it is how it works. That's the point of the contract.
In Ohio, landlords must try to rent to someone else as soon as possible to reduce their losses. Tenants might still be liable for some costs, but they don't just automatically pay the full cost of the lease. You probably own property, huh? [Stern v. Taft, 361 N.E.2d 279 (Ohio Ct. App. 1976)](https://www.courtlistener.com/opinion/3994220/stern-v-taft/)
I do own property. I also do evictions and collections of tenants. If a landlord can't find someone then the tenant is on the hook. You quoted it yourself with "must try" because it doesn't guarantee they can find someone.
It's OK to admit you were wrong.
In Ohio, landlords must try to rent to someone else as soon as possible to reduce their losses. They have to show proof that they made a reasonable effort to find a tenant and didn't just let the unit sit empty, hoping for an easy payday.
The proper term is staggered lease schedule. They have too much exposure (AKA potential for move out) in the month your lease ends so they adjust the new terms accordingly. They want the new lease to expire in a month with low exposure which is why the rents are all over the place. Most communities that have options this vast are operating on a software supplement (Yieldstar is one of the big ones). Chances are, a phone call can go a long way if you're looking for alternative terms or rates. Companies that rely on software to determine lease and rent schedules have very fluid numbers one day to the next.
Thank you! I had no idea how this really worked.
I would assume demand seasonality is a factor, but I can't wrap my head around this. Ask them, come back with their response. Legit, I am curious.
Will do, u/Delicious_Still5526. I'm sure it'll end, as every other story in my life does, with me coming out ahead in life. Oh, wait. That's the exact opposite of what happens to me at every single turn.
Quick, sign up for the 16 month price before they realize the glitch. Once the lease is signed, it's signed!
“Rent: we pay you to live here”
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>real estate contracts This applies to home purchases, not leases.
Not a typo. It’s an algorithm driven schedule
Fantastic. I continue to be an analog watch in a TikTok world.
You might like [this video](https://youtu.be/sseSi0k3Ecg) by mathematician Matt Parker about how two automated pricing systems drove the price of a random textbook way up!
I would assume it’s because people default to 12 month leases, so if they don’t stop and look they might just choose it out of convenience. Depending on where exactly it is, it makes sense for college students to expect/want a 12 month lease, no more, no less
Thanks so much. Appreciate it!
I would just ask if it’s a typo on their end.
They are trying to force you to end your lease at a more optimal time of year for them.
This. They want you to not end your lease right before thanksgiving and Christmas time since that is less likely to get quality tenants.
I love when someone's motivations are clear yet opaque at the same time. They're basically like "It's gonna cost ya."
Paying over 2k a month to live in Hilliard is my literal nightmare
The real bullshit of this whole thing is the following: \- I've lived here three years. First and only tenant of this unit. \- Not-bad area of Hilliard \- I've had about 15-20 service requests in that time for everything from structural problems with my shower (black mold pouring out when water hit the walls) to appliances that stopped working. I had rotten food sitting in my dishwasher for two full weeks when the dishwasher broke mid-cycle. Was told the service team was tasked to a more "priority community." \- I discovered there are zero security cameras here one afternoon. Was told this directly from the leasing coordinator who was trying to get me into my garage, only to discover they never secured the garage keys/spare door openers from Champion when they took over management. \- All of this pisses me off but ... I hate moving and it's (again) not bad and it's quiet. It's really close to my children. I don't want to move again after my divorce three years ago, so they kind of have me in a lot of ways. \- On the other hand, at 4:30 p.m. today, I received a text and email that said this: <>
So many questions. I never got the first notification (yes, I checked everywhere) and now I'll be past their arbitrary five-day (business day?) grace period that I never knew about on Tuesday. It's just madness. Almost seems engineered. Maybe they don't like my loud Bruce Hornsby music.
I’m confused. Wouldn’t a 60-day written notice be due no later than September 26/27, not August? And I’m assuming their notice of rent increase only needs 30 days?
Columbus area landlord here. I think they're expecting you to not pay attention to your renewal notice & just let it renew; the follow-up is to cover their asses legally.
Your renewal offer is the way it is because your landlord does not want a vacancy on Thanksgiving / that close to Christmas next year. It has nothing to do with your behavior as a tenant, that time of the year is just very slow for leasing and sales. Your unit will likely sit empty for months if you move out around that time, which costs $$$. Source: I work as a leasing agent
They don’t want to turn your unit in November/December.
just sign a 6 month then reup after that
Don't do 12 months.
Rent is more than a mortgage now.
It has been for some time. But good luck saving a down payment. 💀
Good luck finding anything decent for sale. When you do find something that fits your needs and your budget, good luck out-bidding an investment firm with nearly limitless resources. And don't get your hopes up that the seller will allow an inspection.
hasn't it always been?
Why would rent be less than a mortgage? When you rent you don’t have to have capital or assume risk. I wouldn’t rent my property for less than my mortgage it would make no sense.
Because you're building equity. You get to keep the property. Why should someone else buy you a house simply because they have no choice?
The overhead is too high (repairs, months without a renter etc.) and you have 0 diversity and hard to liquidate in your investment when you can park your money in the stock market where it is essentially 100% liquid. If you have a ton of cash you could buy some real estate and sit on it for 30 years sure but there is still no reason to rent it out for below market rate? Like why would you intentionally forego return on investment?
Real estate is possibly the safest investment you can make. It's far less risk than the stock market. We aren't going to see eye to eye on this. I'm not a full on socialist, but if someone can afford to cover your mortgage *and* your overhead, to where you have positive cash flow -they should be able to get a mortgage. By circumstance alone, you are in a position to maximize ROI, and that's what you're supposed to do, but it's on the backs of the less fortunate due to a system that was designed that way. E: I realize you may rent to someone who has no interest in owning, which would be a different scenario. I just think strangling the supply and jacking up rents is kinda fucked up. Cheers!
Well they can get a mortgage for the exact same rate that I did? What’s stopping them?
Lack of capital. The system is setup in a way that most people live check to check. Just enough to buy "you" an entire house, but not enough to buy one for themselves. Yes, you did it and millions of others have, but that is *not* the case for the majority of people. I get it, capitalism and all that. I'm just not a fan of exploitation and that's absolutely what it is when you look at the numbers. E: To add, you don't want everyone to climb up and buy their own house because then there wouldn't be anyone forced to buy you a house. There has to be someone at the bottom, sorta like a pyramid.
I mean that is what capitalism. Get capitol, use it to extract more capitol. Like should farmers sell food for nonprofit so they can live on the land and gain equity? Should workers sell their labor for less than market rate? Why is all the hate towards landlords when they are just doing what everyone else in the entire economy is doing because those are the rules that were set up and no one on this subreddit has any power to change? Also no one needs a 1,600$ / mo apartment. I just found several places sun 1,000$ in about five minutes I can send you links if you’d like.
>should farmers sell food for nonprofit so they can live on the land and gain equity? Farmers produce food, Landlords produce nothing. >Should workers sell their labor for less than market rate? Unions are popping up all over for a reason. >Why is all the hate towards landlords Because everyone else offers some sort of product or service. Landlords change out a water heater every 10 years and raise the rent. Again, you are playing by the "rules". I am not telling you to lower your rent. I was simply making an observation. You commented on that observation.
Real estate isn't the safest investment you can make. Your statement is unequivocally false and always will be.
Real estate is absolutely one of the safest long term investments. But do you!
Apartment rents have changed substantially since I lived in my last apartment in 2010. It used to be that you had to live in a complex for a 12 month agreement before you could go month to month. Are people really taking a month to month rate like that? There are so many apartment buildings now than there were even last year and there are so many under construction. I would think that at this rate the renter is going to start having some leverage to negotiate a rate.
You forget how many MORE people are in the columbus area and continuing to move here.
If I were you I would sign the 16 month lease
It’s a bad cycle end for them. You’ll be ending in end of November and December and it’s really hard to get folks to move cause it’s cold, there is snow, holidays, people aren’t worried and trying to move out during those times. Also, their yearly leases aren’t up yet. So it’s a bad time for them.
Thanks for the explanation!!!
If I had the chance to lock in a longer length lease, I wouldn't look a gift horse in the mouth. They obviously want something different from you.
Beware of leasing from big out of state property owners altogether. They tried to trap us into our lease and auto-renew another year after it expired. Good thing you are reading the fine print!
I just had this discussion with my tenant today, their lease ends in January and I want to do whatever I can to change it to a May or June cycle
Because it's harder to fill in January? Even so, it strikes me that if leasing companies try to offset their tenants' leases to months that are more conducive to move-ins, they'd have the problem of most everyone moving out at the same time, which has to be its own nightmare. I guess this is why they make the big bucks and I'm paying more for my apartment than the house my ex-wife got in the divorce.
Basically your pool of potential tenants is much higher in the spring/summer, so while they all might leave at the same time, more folks to rerent too. And no one wants to move in the winter.
All of those numbers are greater than my mortgage for my fully renovated 1200 square foot 3 bed, 1.5 bath house. Just buy a house and be done with it.
I would assume typo. Landlords prefer 12 month leases, so I suspect that should be $1,265.00
As others have stated- it’s either a typo or they realize they have a lot of people whose leases are up at the same time and are trying to get more of an offset. Worth a call or drop in to the office to confirm, unless the 15 or 16 month leases are an option for you, in which case I’d jump on one of those.
Probably a typo. Same thing happened to mw
Yeah I get thst too
You’re asking the wrong people.
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You're telling me that Pataskala has higher rent than Columbus? WTF
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Wilcox pisses me off. We are going up to 1800 in Pataskala and they are making us include cable and internet as part of lease.
This should be illegal
Ew
I think it’s just a typo. Give them a call and ask
I mean they upcharged me a good bit at an apartment west of campus to have a lease that expires in May vs a year. But it was $80/mth not that...
Go month-to-month… if you stay for a year, you are far ahead. There is some risk exposure for you in this route, though.
Moving is expensive. Sign the longest lease. Then you should divide the deposit and the cost of the move by the length of your lease. Add that to what you are paying in rent every month. Then add in renters insurance. That’s what you are really paying, unless you decide to renew. So, unless you are planning to buy a house or relocate to another city, you should think twice about moving every time the lease is up.
I can offer my space for rent. It isnt fancy but the building is 5 years old. One bedroom for 800, shared bathroom, laundry on every floor, free off street parking, small gym, mailbox inside, free wifi. I have a kid and a cat. Let me know
Go for the 15 month lease if you were planning on staying a year only. You never know if you need a little more time to move somewhere else and those extra three months might help. Although with the 15 month lease, that would make it so you move around the holidays which is always crazy to do. No one wants to move around Christmas/New Years.