Renting an apartment comes with many different questions and challenges. Moving can require renting more than one place at the same time, as can a number of other situations. Read on to discover the logistics of renting two places at the same time.
What to know about renting two apartments at the same time
- Landlord considerations
- When is renting two apartments right for you?
- Is it legal to have to apartment leases in your name?
- Renting as a cosigner
- Steps to take before you sign a second lease
Can you lease two apartments at the same time?
In short yes, you can rent more than one apartment in your name. Very rarely is renting a second apartment an issue with landlords, property laws, or local and state regulations. The important part is keeping up with both leases including rent, utilities, and any of the other terms in the leases. It might cost more to have two apartments in your name, but some circumstances and situations require the flexibility of this scenario.
Why and how can you rent two apartments at the same time?
One reason to lease two apartments is if you are a frequent business traveler. Perhaps having an apartment close to work as well as close to your family or school might have added benefits. If you do contract work, remote work, or consult regularly in another city or region, it can be cost-effective and convenient to have a place of your own. Hotel rooms can get expensive quickly, and sometimes paying a monthly lease actually saves you money.
Another reason some people might rent two apartments at the same time is due to a lease overlap. Moving into a new apartment can be stressful, time-consuming, and may not align easily with moving schedules, work, or other responsibilities. By overlapping a month or even just a week or two with the other lease, you can save a great deal of stress and anxiety.
Can you have two apartment leases in your name?
Although it usually is fine to have two leases in your name, some exceptions exist. It may create problems when you inquire about a second apartment if you have poor credit or live in government-subsidized housing. A poor credit score is a hurdle for leasing more than one place, and it is best to not consider attempting to do so with a bad rental history or a poor debt to income ratio. Government-subsidized housing has income restrictions, and you could run into legal trouble when trying to lease a second apartment in these types of circumstances, too.
Can I sign on a new lease if I’ve co-signed on a previous lease?
Sometimes you might want to help a friend or family member lease an apartment. As long as your credit score is in good shape and your background check remains acceptable, there is no reason to stop you from supporting those friends or family members in obtaining new housing.
If you were previously a co-signer or a guarantor for an apartment or property lease, met the lease terms, and paid rent in a timely fashion, you should be able to add additional leases. Remember that signing for someone else can be a liability, so be certain that they are trustworthy and are prepared to respect your name and credit score as well as their own.
What to do before you sign the lease for a second apartment
Before you sign the lease to a second apartment, here are some steps to follow:
- Evaluate your finances
You’ll want to first evaluate your finances and the costs associated with renting a second apartment. Budget your current living expenses, then factor in your additional spends including application fees, security deposits, first and last months rent, monthly rent, and costs for furnishing your second living space.
- Complete the necessary paperwork
Make sure you have all your documents ready prior to submitting your apartment application. This includes gathering references, copies of proof of income, renters insurance information and your personal identification.
- Inform the landlord of your situation
While not legally required, it’s a good idea to let your landlord know if you will not be living in the unit full-time. In case of an emergency, or if the apartment should need maintenance, you’ll want to be sure you’re covered. If renting two apartments due to an overlap in your move, inform the landlord once you have vacated the unit to ensure a timely delivery of your security depost.
- Make a plan to furnish your space
Two apartments means double the furnishings. You’ll want to make a plan for the additional cost and purchases need, especially if you are apartment hunting from another city or state.
- Confirm the logistics of your move
Make sure that the timeline of your lease end date works for you move. Schedule movers well in advance and don’t wait until the last minute to get packing.
It’s always a good idea to remain on good terms and maintain consistent, timely communications with both landlords. It’s also crucial to keep both accounts current and active. Notify your landlord and co-signer immediately if your terms have changed or if you have any concerns. If your job needs you to travel and you hope to shorten your lease, then reach out to the landlord.
Many property owners have seasons when they are more likely to rent, and some might reduce your lease terms or even reward you and prorate your rent if you help them find a new renter. One more month is not the same value to a landlord as one full year.
As you can see, renting a new apartment, even if you already rent one, is not too difficult. It can easily be done if your credit score is in good standing and you can afford it.
Frequently asked questions
Yes, it is possible to rent two apartments at the same time, but it depends on several factors. It may be more common in specific situations such as a temporary relocation, transitional housing, or if you require additional space for personal or professional reasons.
Legal restrictions and limitations may vary based on local laws and regulations, as well as the terms of your lease agreements. It’s essential to review the lease contracts carefully and consult with a legal professional or housing authority to ensure compliance with any applicable laws.
There can be various reasons for renting two apartments simultaneously. Some common situations include individuals or families needing temporary housing during a renovation or construction project, having separate living spaces for work and personal life, accommodating the needs of a large family or cohabiting with roommates who prefer separate accommodations.
Renting two apartments simultaneously means additional financial obligations. Consider factors such as rental costs, security deposits, utility expenses, and any other associated fees. Evaluate your budget carefully to ensure you can comfortably afford both rentals without compromising your financial stability.
Renting two apartments simultaneously can present challenges such as increased financial obligations, managing maintenance and repairs for both properties, and dividing your time and attention between the two locations. It’s important to weigh the benefits against the potential challenges and ensure you have the resources and capacity to handle them.
Negotiating rental terms or rates when renting two apartments simultaneously may be possible, especially if you’re dealing with the same landlord or property management company. Approach the negotiation process professionally and provide valid reasons for seeking favorable terms, such as a long-term lease commitment or renting multiple units.
Check out apartments for rent on Zumper and take the time to plan ahead so you can get a good deal in a great location.
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