Rental Basics in 08753>Question Details

Teresa, Home Owner in Ocean County, NJ

I want to rent but am afraid too because I dont want to keep leaving...

Asked by Teresa, Ocean County, NJ Sun Sep 30, 2012

I dont like to move over and over. I like to settle down in a home and stay as long as I could. Obviously renting wont let me stay at a home as long as buying but overall how long is a lease? I wont have to move every year will I? Im assuming its up to the owner right?

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Jonathan Faccone’s answer
Alicia,
The standard lease in one year, and you are correct it does depend on what the landlords want and needs. Landlords love great tenants so most would renew with you for another term. If your interested in staying in a rental for a longer period of time, why not look for a rent to own type of deal if your financial situation allows? This way, maybe some of that rental money can go toward the purchase price of a home and you are now a homeowner as opposed to a renter. Just a possible scenario to look into...

Best of luck!

Jonathan
Web Reference: http://www.rent2ownnj.com
1 vote Thank Flag Link Sun Sep 30, 2012
Alicia,

Most standard leases begin with a year. I would most definately use a Realtor to rent and make sure that they check the financial backgroud of the property. The last thing you want is to rent and find out that the LL is also headed into foreclosure and that is the risk that you take by trying to find a rental on your own.

Francesca Patrizio, Broker Sales Associate
Francesca@PatrizioRE.com
732.606.2931
1 vote Thank Flag Link Sun Sep 30, 2012
Case by case basis, most leases are for a year. However some Landlords will sign a multiyear lease.


William F. Troy
Broker-Salesperson
REO/HUD Director
Pre-foreclosure Specialist Mastery Certification
RDC PRO, SRES, e-PRO, CDPE, Luxury Home Team
Veltri & Associates Realtors
121 Washington St.
Toms River, NJ 08753
Office-(866)483-5874 ext. 422
Cell- (732)600-1570
Fax- (732)557-6425
wtroy@veltrirealtors.com
http://www.veltrirealtors.com
1 vote Thank Flag Link Sun Sep 30, 2012
Alicia, if a house is being leased by an owner who is leasing it because he couldn't sell it, there is the likelihood that he'll lease it for a year then want to put it back on the market.

If you find a property to lease that belongs to an investor who has bought it as a lease property, he will be delighted to have a good long term tenant. Your Realtor can help you determine the status of the owner.

A lease is typically one, and sometimes two years at a time. The lease will need to be renewed periodically, with the possibility of a rent increase, at the end of the term of the lease.
1 vote Thank Flag Link Sun Sep 30, 2012
Thank you :)
Flag Sun Sep 30, 2012
Hello Alicia,
Some landlords prefer a longer term tenant so they don't have to draw up a new lease again at he end of the term or incur the expense of preparing the unit for a new tenant . Perhaps you could discuss this option upfront with each landlord of properties you are interested in to determine if they would consider a longer lease period.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
1 vote Thank Flag Link Sun Sep 30, 2012
Thank you. Its good to know that some are willing to let a tenant stay longer. I was under the impression it was a 1 year lease agreement in general
Flag Sun Sep 30, 2012
There are a few things to consider here as some of the other agents have explained. The key is to interview the landlords and find out what their short and long term goals are. If you find that they couldn't sell their home and then decided to rent, this is a clear sign that they will likely try to sell it again in a year. Stay away from these rentals. Working with a real estate agent is a good idea to help you find a rental that could potentially be long term. There are some listings that are for rent with the option to purchase. These are perfect long term rentals that give you the opportunity to save a percentage of the rental and put it towards the purchase price. If you choose not to purchase the home after the term of the lease expires, then you are not obligated to purchase. When interviewing landlords, if you find out they have multiple rental properties, this is a good sign that it could be a long term rental. If you ask the right questions up front, you won't have a problem finding a long term rental.
0 votes Thank Flag Link Tue Jul 23, 2013
Is this question repeated every 6 months?
0 votes Thank Flag Link Fri May 24, 2013
Alicia,

Most landlords would be happy to sign a multi-year lease. It guarantees the landlord that he will keep the property rented so unless there is a specific reason to have you out in a year, most landlords would gladly sign a multi-year lease.

If you need help finding a rental in the area, I would be happy to help.

Sal Ventre
Crossroads Realty
732-684-6398
SVentre@crossroadsrealtynj.com
0 votes Thank Flag Link Fri Nov 23, 2012
To add on to Diane's answer, sometimes there is an escalation but sometimes not - a mutli year lease can be very attractive to a landlord and they may be wlling to hold the price for 2 years.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Thu Oct 4, 2012
A lease can be as long as the landlord and tenant agree. Sometimes, if they are for more than a year, there is an escalation clause written into it to account for rental rate increases.
Once you have a lease in NJ, the landlord must offer you a renewal unless he/she intends to use it for personal use or you have in some way violated the terms of your lease during the current lease term. There is an automatic renewal clause in all NJAR leases, fyi.
If this is a big concern for you, there are many places which are purely rental communities. You'd be safe there (again as along as you abide by the terms of your lease.)
Good luck!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Oct 1, 2012
So you are forced into renewing over and over? What if your ready to buy a new home and dont want to rent the home anymore?
Flag Sat Oct 6, 2012
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