Renting two apartments at once may sound unusual. However, it is more common than you think. People tend to do this for many different reasons. For example, some prefer temporary housing during a job relocation. Others would require a place to live in two different cities. No matter what, renting multiple apartments is legal in most places. Read on, and let’s explore how you can do it in the right way before signing into multiple leases.
Factors to Consider When Choosing a Rental Property
Even if you are calling it a temporary home, there are a few factors to consider at the time of selecting a rental property.
- Location
Location matters more than anything at the time of selecting a rental property. This is where you need to think about your daily commute. Along with that, you need to see how the neighborhood will fit your lifestyle as well. Safety should be a major concern. You can visit the area at different times of the day. This will help you to get a better idea about traffic patterns and noise levels.
- Explore the neighborhood
You should also explore the neighborhood and see what’s available nearby. This is where you should check for grocery stores, healthcare facilities, and fitness centers available. Along with that, you may also see access to parks and other recreational spaces available. They can create a significant positive impact on your quality of life. Transportation options are equally important as well. If you plan to use public transport, make sure that it is reliable.
- Research the neighborhood
Last but not least, you need to research the neighborhood and see what future development plans are available. New constructions will bring better amenities. However, it can also bring unwanted changes that you don’t want. This is why you need to understand potential shifts that will help you make an informed decision. Along with that, you need to evaluate the cost of living in the area as well. This is where you should factor in utilities, parking fees, and other expenses you have to deal with.
Can You Rent Two Apartments at Once: Tips and Considerations
Landlords may have restrictions, so thinking carefully about whether you can rent two apartments at once is essential. It is legally possible for you to rent two apartments at the same time. You need to keep up with both leases completely. In other words, you need to pay rent on time for both properties. On top of that, you should also honor all the terms in each lease agreement.
Before making the decision to sign a second lease, you need to make sure that you can afford both properties. Landlords will often review your financial situation. This is where you should prove that your income can support paying both rent, utilities, and other housing expenses. Landlords will often require tenants to earn at least three times the monthly rent. You need to be mindful of this threshold when renting two apartments.
Next, you should carefully go through both lease agreements. Some leases will include clauses that require the property to be your primary residence. If you are planning to split your time between two locations, this could be an issue. That’s why you need to be transparent with the landlord about your situation. Honesty will build trust and prevent potential legal issues that can take place.
You should also consider whether you want both apartments to be in your name. Some may have plans to rent one apartment to family members. In such situations, you need to include them as residents on the lease agreement. Doing this will help you prevent the violation of lease terms. Always keep in mind that being listed on a lease will make you legally and financially responsible for the property.
Managing Multiple Rentals Without Stress
Managing multiple rental properties can always be challenging. This is where you need to pay special attention to organization. You can use technology to simplify your tasks, and it will help you run everything smoothly. Property management software can help you track rent payments, maintenance requests, and other important dates. Most platforms even offer mobile apps that help you manage everything from your phone.
Have separate bank accounts
It is better if you can set up separate bank accounts for each property, and then you can maintain clear financial records. For example, this separation will make it easy to track expenses and income for tax purposes. You will also be able to use this method to identify any issues that would arise with each property. If there is a possibility to automate rent payments, you need to do it. Most landlords will accept online payments, and setting it up automatically will ensure that you will never miss a due date.
Time management is essential
Time management is equally important when having multiple properties. This is where you need to create a calendar system that can track lease renewal dates, inspection schedules, and maintenance appointments. If you set up reminders ahead of time, you can have enough time to handle tasks without rushing. This approach can also help you reduce stress.
Build relationships with landlords and property managers
In most instances, you will have to deal with property managers when renting a property. Working with Atlanta property managers frees landlords from time-consuming administrative duties. That’s why you need to build strong relationships with both landlords as well as property managers. Respond to messages promptly and address any concerns fast.
Final Words
Now you know how to manage two rental properties at the same time. You just need to follow these steps, and you can overcome issues that could arise. If managing two rental properties becomes challenging, consider delegating some tasks. For example, you can hire a local handyman to handle minor repairs or cleaning services to maintain the property. These investments can save you time while preserving peace of mind.
