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  • 2 Post By ndt

Rent options after 1 year contract

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  1. #1

    Join Date
    Feb 2015
    Posts
    111

    Rent options after 1 year contract

    Hello, my agent and I agreed on a 1yr fixed and 1 yr free term rent contract in a village house. However, when the landlady and I signed the contract, it stated it is only 1 yr fixed (Nov 2023) and no 1 yr free term or 1 month break clause. I got the rental fee lower after negotiation so this might be the reason for the 1yr contract and she might increase it.

    As I will finish my work contact in the airport and might not renew it 5 months after the expiry of my 1 yr rent contact (Apr 2024), what is the best way to approach this when its already few months away the rent expiry?

    1. Approach the agent and ask her if I can get a 5 month contact? Or directly informed the landlady? The agent can understand english but the landlady doesnt. I only whatsapp the landlady and I use google translate.

    2. It would be hard for me if I didnt get a 5 month contract after Nov 2023 as I need to get a place like a short term rent or serviced apartment and there are not so many near the airport. I also have a lot of personal things like computers, washing machine, mini ref and selling and disposing them will be hard.

    3. How long I need to inform the agent/landlord before the 1yr contract expiry?

    Any other tips and suggestions?

    Thanks.


  2. #2

    Join Date
    May 2021
    Posts
    894

    Simple, Offer her a bit more, call it a premium for flexibility.. You got the rental fee lower this time, paying little extra next time will balance it out and no point fretting over it a year earlier..

    Remember as much as you want to save money on moving cost, landlord wants to save on vacancy cost so offer market rental price + (moving cost/5) as premium and see how it goes (Obviously you can start lower depending on market condition and work upwards)..

    shri and traineeinvestor like this.

  3. #3

    Join Date
    Feb 2015
    Posts
    111

    Thanks for your insight. Do you think i should inform her or the agent? And how many months to inform them prior to the 1 yr expiry?


  4. #4

    Join Date
    Feb 2015
    Posts
    111
    Quote Originally Posted by ndt:
    Simple, Offer her a bit more, call it a premium for flexibility.. You got the rental fee lower this time, paying little extra next time will balance it out and no point fretting over it a year earlier..

    Remember as much as you want to save money on moving cost, landlord wants to save on vacancy cost so offer market rental price + (moving cost/5) as premium and see how it goes (Obviously you can start lower depending on market condition and work upwards)..
    Thanks for your insight. Do you think i should inform her or the agent? And how many months to inform them prior to the 1 yr expiry?

  5. #5

    Join Date
    May 2021
    Posts
    894

    Try it 1-2 month before, up to you if you want to involve agent or deal directly depending on how manageable your conversation is..
    Going direct gives an extra bargaining point as both parties will save on agent fee so no harm in trying directly first and then involve agent if it doesnt work..


  6. #6

    Join Date
    Sep 2018
    Location
    Hong Kong SAR China
    Posts
    2,037

    I just let my contract lapse 5 years ago and continue with an informal arrangement. The LL can't easily kick you out (legally) and if you trust the landlord it gives you a lot of flexibility. He even gave me a discount a couple of years ago because of covid.


  7. #7

    Join Date
    Aug 2007
    Posts
    981

    If you want the security of an agreement for a period after the current agreement expires, then ask for a 6 month agreement which would be a standard tenancy period. Unless the market has radically changed you should be able to secure on current terms.


  8. #8

    Join Date
    Jul 2016
    Posts
    81

    IDK how many months you have left, but check if rents went down for your apartment. If they did, try negotiating directly with LL 1-year fixed starting from now with different rent. And tell her that you would be more inclined to leave after existing 1-year contract if you're not able to lock rent costs for nearest future now. This might give you stronger negotiation position vs. waiting for full 1-year expiry. And if you fail to negotiate now you still can try closer to 1-year end.