Rental Basics in 11211>Question Details

Chrispy, Other/Just Looking in 11211

Can a corporation be named as the tenant on a residential lease?

Asked by Chrispy, 11211 Wed Oct 27, 2010

Help the community by answering this question:

Answers

6
If the landlord permits it it can be be in the agreement
0 votes Thank Flag Link Thu Oct 28, 2010
As several people have indicated, the decision is the landlord's. Renting to a corporation removes control over exactly who is living in the apartment, and the the landlord should definitely consult with a lawyer first in order to craft a lease placing sufficient restrictions on the corporation (ie, use of apartment for residential purposes only, tenants restricted to employees and contractors of the corporation, minimum length of stay, etc.). Remember, real estate agents and brokers are not allowed to practice law in NYS (unless the broker also happens to be a lawyer), and drafting a lease is included, so the landlord will need an attorney. For a small landlord the costs and potential headaches involved probably aren't worth it. Most corporate apartments in NYC are in large buildings in Manhattan - if your property doesn't fit this profile I'd say stay away. If you are looking to lease an apartment as a corporation you should consult with a real estate broker, who will know which rental buildings accept corporations.
0 votes Thank Flag Link Wed Oct 27, 2010
Dear Chirspy:

You need to get an attorney involved in this post-haste! If you need a referral for a good landlord tenant attorney let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Oct 27, 2010
Absolutely. The person's line of work or temporary housing may be needed for a corporation to house employees. Also, there are instances where venders may be in town for a set period and do not want to live in a hotel room or apartment complex. Verify the details especially the corporate entity through your state's secretary office which registers corporations. Have an authorized person of the corporation sign the lease. Do your homework and you should be fine

I rent to corporations all the time and love it especially when they are a good company. Sometimes the occupants are never there putting wear and tear on the unit. I am also developing small house units as as rentals which I want nothing more than to list them on Expedia and rent them to a company with a credit card. I am also installing automatic locks which can be controlled over the internet to set and reset pass codes to the locks so I can manage off site allowing tenants, maintenance, and cleaning staff access as needed.

Be sure though to check everything out just like you would if it were an individual.

Ed Simpson

http://www.FirstREALTORS.biz
http://www.FirstREALTORS.com
Web Reference: http://www.edsimpson.net
0 votes Thank Flag Link Wed Oct 27, 2010
Ed, does the Fair Housing Act apply to leases of apartments to corporations for use by their employees? Thank you Steve
Flag Tue Jan 15, 2013
I have seen it done in relocation situations, makes the corporation responsible for payment of the rent, but I leery as well. How do you evict a corporation for non-payment? And how does the "tenant" enforce its rights? Perhaps a better idea is to have the actual human tenant sign the lease and if he needs financial backing have the corporation guarantee payment, sort of like a co-signer.
0 votes Thank Flag Link Wed Oct 27, 2010
Not a good idea! You are renting to a person for living purposes, why would you name a corporation? Sounds like a scam to me!
0 votes Thank Flag Link Wed Oct 27, 2010
My Tenant want to change to lease to her corporation.. after living there for over 6months - not happening!
Flag Sun Mar 22, 2015
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer