I found an apartment that is in really great condition, safe area, for below my budget. Pretty tough to find in current rental market. Catch is- landlord wants at least a 2 year lease.

I have no intention of moving or relocating (though I probably should as I can barley afford to stay in this state). But if something did happen or I had to move, I don’t want to be severely penalized for it. I am more comfortable with a year to year lease naturally. I offered to give the landlord a 3 month notice before I renewed for the next year or not to give them ample time to find another renter, they weren’t interested.

I don’t know if this is something I should try to make work because of the affordability, or if it’s a red flag because the landlord is pushing a 2 year+ lease I should walk away. That’s a larger question, but if I were to agree to a 2 year lease, anything I should include to somewhat protect myself? Is that possible? Anything I could offer to negotiate or mitigate her concerns?

I’m thankfully and gratefully safely housed at the moment so while I do not have to find something asap, I have been looking for over a year and I make a low salary for Connecticut’s standards. I really want to take this apartment but the 2 year lease does worry me. Or should it not???

Thank you for any thoughts…

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dsm4ck t1_j8pdmuz wrote on February 16, 2023 at 12:06 AM

Positive of 2 year lease is landlord can't raise rent after first year

SlooperDoop t1_j8pew60 wrote on February 16, 2023 at 12:16 AM

In this inflation I'd ask for the longest possible lease so you don't end up getting the rent raised every year. Just read the contract carefully for what the penalty is if you break it early. If it's the standard loss of security deposit okay.

Connecticut06482 OP t1_j8pnual wrote on February 16, 2023 at 1:22 AM

Yeah you’re definitely right

issuesintherapy t1_j8pe5fd wrote on February 16, 2023 at 12:10 AM

I'm not giving any advice either way, but I have signed a 2 year lease in the past although not in CT. I had just moved to NYC and was relieved to find an apt without having a guarantor (something commonly requested in the city) but the landlord wanted 2 years. We agreed, and it ended up being fine. It does make it more complicated if you need to move but it also helps protect you from a rent increase for that extra year. (We did end up having to break a lease later during Covid when we left the city but were as helpful as we could be with getting new tenants. Of course that was an unusual situation so your mileage may vary.)

yudkib t1_j8riv43 wrote on February 16, 2023 at 1:09 PM

2 year lease minimum is common on below-market leases. If you want a single year the rent will be higher this year and potentially raised next year. The landlord has costs to change tenants at the end of a lease - a 2 year lease in theory means he’s sharing some of those savings with you.

paulabear203 t1_j8rp6n8 wrote on February 16, 2023 at 2:02 PM

I am on my second 2-yr lease and highly recommend for the locked in rate, especially in this market.

PotentialPiglet7344 t1_j8ucga3 wrote on February 17, 2023 at 12:22 AM

See if you can add an addendum to the lease where if you can provide a credit worthy, qualified tenant, then the landlord releases you from your remaining term and obligations. With no penalties or security deposit deductions. (Provided your in the apartment at least 12-14 months, in a 2 year lease. ) Before you can provide a new tenant, you would just need to find out the what qualification requirements are of the landlord , advertise the apt , pre-qualify the people inquiring in order to weed out any non-qualifiers , then show the apartment to prospective renters. Once you’ve done all of this heavy lifting and produce a valid tenant , the landlord will usually ask them or you, to submit the application. Maybe with a security deposit too. This is something you can go over initially w the LL. **It’s important to keep the phone number and email of the person you just produced just to follow up to make sure they did in fact sign the lease.

morningwoodx420 t1_j8ri950 wrote on February 16, 2023 at 1:04 PM

Even if you sign a two-year lease, the landlord would be required to mitigate damages; usually leaving you on the hook for two or three months, max.