Rentals in 01040>Question Details

Amy E Mateus, Real Estate Pro in Massachusetts

What are the standard terms of a corporate apartment rental lease - fees, secuirty deposits, etc. Minimum rental is one month.

Asked by Amy E Mateus, Massachusetts Thu Oct 21, 2010

My client has a corporate apartment rental available and before marketing the property I would like to find out what the standard lease terms and requirements are for a corporate rental. My client will only do a minimum of one month and all furnishings and utilities are included. It is a 3 bedroom unit and about 1300 sq ft.

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is there a corporate apartment lease i can download
0 votes Thank Flag Link Thu Apr 18, 2013
Thanks so much Scott! This is very helpful.
0 votes Thank Flag Link Thu Oct 21, 2010
The usual I've seen is 1 month security & 1 month last with a corporate backer being responsible for the overages if any. It's usually very cut & dry for corporate work. If anything they use the property in a lesser fasion than usual & the cleaning is much more responsible due to the corporate backing. Rentals from 3-6 months you might see a 17% premium but never more than 20% for the balance of the year for the benefit of 1 source billing. Here in Mass you'll also want to verify the water bill is included in the balance and not included as an overage but as long as the cable, electricity, phone & heat are included then you should be fine. The water bill could add substacncially to the bill if not addressed. Check that.

Hope that helps
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0 votes Thank Flag Link Thu Oct 21, 2010
Thanks Scott. What do they usually require to secure it. My client wants to get all money up front which seems fine for just a 2 month rental. He is also going to ask for a security deposit. What about for rentals longer than 3 months?
0 votes Thank Flag Link Thu Oct 21, 2010
Most corporate leases of less than 3 months are done at a premium. Especially if water & utilities are included. This will usually make for the most convenient billing especially when combined with cleaning prior to & after occupancy. Figure a 15% premium over market rent for the average market rent per month.

Hope that helps,
Corporate Relocations/IT Manager/Realtor
Wolfson Cutler Real Estate
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0 votes Thank Flag Link Thu Oct 21, 2010
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