Imagine relocating to a new area for work. You do not know the area, have never lived there and are certainly not prepared for a highly competitive housing market. You may have put off finding a place to rent because, really, how bad could it be? Turns out it’s bad enough that you find yourself living out of your suitcase in a hotel room for months. You have a new job that requires all your attention, but you are pulled out of the office to look at place after place only to find that the landlord decided not to show up, that the place has already been rented, or that the place is dirty, dingy… or maybe you simply just couldn’t find that darn place at all.
You finally find a suitable place to live. It’s clean, it has just the right amount of space, it’s in a great location and the rent is doable. You’re comfortable. The boxes have been broken down and recycled. You’ve been in your place for about a year and you are thinking of sending that email requesting to renew your lease.
And then you get “the news”. The owner is going to put the place (your place!) on the market. You look over to that space in the garage where your boxes used to hang out and your stomach falls to your feet. You. Do. Not. Want. to. Move. Again!
The good news? You may not have to!
Many homeowners are taking advantage of the upswing in the resale market and are off loading homes that they could not sell for a profit in previous years. The market is saturated with cash buyers- investors looking to purchase homes to put on the rental market. As a tenant, it is advantageous to you to keep on top of the activity happening on the property where you live. Create a rapport with the listing agent, and check in with the owners when you hear of an offer coming in.
If an investor is making an offer, start working on your own offer. Outline the terms on which you would like to re-lease the property. What is the length of time you would like for the lease? No rent increase? No security deposit increase? Who pays the utilities? Write it up, and have the new owner review and sign it. If you are a good tenant, chances are keeping your lease would be worthwhile to the new owner as well.
Don’t give up the fight when you are already one step ahead in the game!