NORTHBROOK, IL – JANUARY 21, 2020
5 Things You Need to Know
About the US Rental Lease
In this month’s Mobility Matters podcast, we sat down to chat with Suzy Leinbach, Senior Director of Quality and Customer Experience at IOR and our Destination Consultants across the country to discuss the current US Lease and the challenges for today’s renter.
Here are the: 5 Things You Need to Know About… The US Lease.
How long is a typical US lease? Are short term leases possible in today’s market?
IOR typically see leases at a minimum of 12 months. However, in certain markets, we have seen shorter term leases of 3-6 months. The assignee needs to keep in mind that a higher monthly rental cost will likely result due to the shorter lease term.
Do all leases come with a transfer clause?
Typically, leases 12 months or less will not have a transfer or diplomatic clause included. If a lease is 12 months or more, IOR will do everything possible to request that a transfer clause is added to the lease. An example would be:
Tenant’s employer transfers the Tenant from his/her present worksite, the Tenant shall have the option of terminating this lease by giving the Landlord or his/her Agent sixty(60) days notice in writing. The employer shall provide a letter stating the move date. At the end of the sixty (60) day period, this lease shall be deemed terminated.
In some states, a buyout clause is offered if the tenant needs to break the lease and will pay a penalty of at least two month’s rent.
Does IOR offer a legal lease review?
IOR offers a professional, non-legal lease summary of the main points of a lease. The lease is reviewed and summarized for assignees within 4 business hours. The local IOR Destination Consultant then discusses the lease summary with the assignee and answers any questions and concerns that may have come up after the review.
Who advises on state specific addendums?
In some states like NY, NC and TX, riders for fire safety, lead paint, childproof window guards and bedbugs are required. The IOR Lease Summary will highlight these local specifics and your Destination Consultant will relay to you to ensure your full understanding of the lease terms.
If I am moving to New York City, can I find a property on my own and not pay a broker fee?
IOR strongly recommends assignees moving to New York City and the surrounding areas, to use a broker to secure rental housing. Brokers will ensure that the tenant is choosing from the best available inventory and will put the tenant first during lease negotiations, making sure that all laws and regulations are met. The IOR Destination Consultant works closely with the broker to ensure a smooth experience for the assignee.