Renting more than one apartment simultaneously is a situation that many renters find themselves in. While it may seem unusual, there are legitimate reasons why someone would need or want to rent two places at once. In this article, we will explore the question can you rent two apartments at the same time.
Can you lease two apartments at the same time?
Yes, in most cases you are permitted to lease more than one apartment under your name at a time. Landlords generally do not prohibit renting multiple units simultaneously. The main requirements are that you must fulfill the obligations outlined in both lease agreements, such as paying rent and other fees on time each month.
As long as you maintain good standing with the payment terms of both leases, renting two apartments is legally allowed.
What are some common reasons for needing two leases?
There are several situations where renting two apartments may be necessary or beneficial. One example is for professionals who travel frequently for work - they can maintain an apartment near their office as well as near family. Secondly, if you are between leases or going through major life changes like a relocation, renting two places temporarily during the transition can reduce stress.
International students may also rent year-round if they return home during breaks. Maintaining separate living spaces can also benefit large families or couples temporarily living apart.
When could having two leases be an issue?
While usually permitted, renting two units simultaneously could encounter problems if you have very poor credit. Landlords may deny your application for a second apartment due to creditworthiness concerns like extensive debt. Living in government-subsidized affordable housing also restricts how much income you can make, so a second full-priced lease may violate such restrictions.
It's best to avoid attempting dual leases in these situations.
What should you consider from a financial perspective?
Renting two apartments means shouldering the cost burden of fully sustaining both living spaces. You need to realistically assess your budget and ensure you can reliably pay double the rent, security deposits, furnishings, utilities, and any other associated bills on time each month. Maintaining posiive cash flow across both leases requires forethought and planning.
What if you have co-signed a lease before?
If you have co-signed or guaranteed a lease for someone else previously, that alone should not prevent you from co-signing or applying for another rental. As long as your credit and background screening remain in good standing based on fulfilling the terms of the first lease you co-signed for, landlords typically do not object to further potential co-signing.
Just be aware that each lease you co-sign for increases your personal liability risk.
Should you inform landlords about having two leases?
While not legally required, it is still advisable to voluntarily disclose to both landlords the situation of renting two apartments simultaneously. Honest communication fosters trust within the landlord-tenant relationship. Informing them also prevents potential issues down the line, like if a landlord needs direct contact for maintenance items and discovers another linked to your name.
Staying transparent avoids coming across as deceptive during background checks too.
What steps can prepare you for a dual lease commitment?
Before signing your second lease, conduct thorough research and due diligence. Calculate moving and furnishing costs, build moving schedules that consider timing of both leases, arrange for temporary housing if needed between leases, confirm your ability to manage obligations at two homes, and get everything in order regarding payments and paperwork at both rental properties.
Leaving no loose ends minimizes later complications with landlords from being spread too thin.
Conclusion
While having two active leases may seem like a large commitment, for some people it is a legitimate housing solution. Following local regulations, upholding transparent communication, and carefully managing responsibilities across leases allows renting two apartments simultaneously when circumstances require it. Just be sure your finances and organizational skills are sufficiently prepared to take on such an obligation smoothly.
