Having two leases at once is a tempting idea for some people as it can provide convenience, depending on the situation. But alas, paperwork and laws can make it confusing if this is legal or not. With this in mind, are you able to have two leases in your name?
You can have two leases in your name. The only thing holding you back is your income and whether or not your application will be accepted. Generally, landlords just want you to pay the rent each month, and if you are in a position to take out two leases, there is a chance you will be accepted.
In this article, we will discuss what goes into taking out two leases and why someone might want to do it. If you are curious about learning more, we encourage you to read on!
Why Would Someone Want Two Leases?
It sounds a bit outlandish for someone to want two leases in their name to those unfamiliar with this concept. After all, you can’t be in two places at once!
Although expensive, there are real reasons why someone would want to do this.
- Traveling: If you frequently travel back and forth between two places, it could make sense to simply rent an apartment rather than paying for an extended stay at a hotel when you are away from home. This could end up saving serious money, depending on how much you are traveling, and you have the benefit of not having to pack so many belongings.
- Overlapping leases: The most common reason for someone to have two leases is to allow one lease to overlap to mitigate the stress of moving. Essentially this allows you to start moving your stuff into your new home at a more relaxed pace rather than needing to be out in 1 or 2 days.
Sometimes, people have two leases just because they can. They have the money for the convenience of renting a summer home or having space dedicated to something they are passionate about/do for a living.
What Qualifications Do You Need to Meet to Get Two Leases?
We briefly mentioned above that landlords want to make sure you can afford your rent every month. If you are already renting somewhere else, that will raise some eyebrows for your second landlord because, of course, that isn’t exactly something most people can afford.
If you have a poor credit history or your income makes it too tight, it will likely be difficult to get accepted for a second lease. However, if you are in a situation where you are only paying double rent for a month because you are moving, you might be able to explain your case and get accepted.
How to Know if You Can Really Afford Two Leases
To avoid future disappointment or to know if you can afford two leases comfortably, it is important to add up expenses and compare them to your income.
Sometimes the question isn’t if you are able to do it, but rather if you should do it. You should ask yourself these questions if you are not 100% confident you’ll get accepted for a second lease:
- Is the second place going to prevent you from saving?
- Is it going to make money uncomfortably tight?
- How is this second placing going to benefit you?
- Are there other options you can consider?
Remember, rent is just one part of the conversation when talking about cost. You also have to consider utilities such as:
Depending on your apartment, these may be included, among other things, but if not, you have to factor this in.
On top of all this, you are probably going to want the internet. Are you willing to pay for the internet you aren’t using? Depending on your situation, you can suspend service and reactivate it. Particularly this is handy for seasonal homes, but if you are going back and forth between places frequently, this is something to consider.
Ideally, rent should take no more than 30% of your income and so if you find out 45% or 50% of your income is going towards two different homes, then it might be best to reconsider.
Remember, a lease isn’t something you can just walk out on if you suddenly decide you don’t want to pay anymore and have no use for two homes. The Infographic Guide to Personal Finance book is great if you’d like to learn how to manage money like a pro.
Before going through with a second lease, you should consider alternative options depending on your situation.
Instead of Paying Double Rent for a Month, Consider Renting Storage
If you want to have two leases in your name to give yourself a few days to move, a cheaper alternative is to rent a storage unit. This will allow you to keep your possessions in a safe place without the pressure of having to get all your stuff out ASAP.
The average climate-controlled storage unit can cost as little as $150 per month, which is significantly less than what you would pay to overlap a lease for the sake of a wiggle room. Check and see what storage units are available in your area and how much they cost.
If you are going to rent a storage unit, this video is helpful even if you are just going to use one for a day:
Talk With Your Landlord About Getting More Time
This also applies to the above situation. Many landlords are understanding, and if you have had a good history with them, they are going to be more likely to allow you extra time to get your stuff out. In many cases, an extra couple of days isn’t going to get in the way, especially if no new tenants are currently trying to move in.
Consider Renting Office Space
This applies to those who just want a separate area for working or other things where you don’t actually need to sleep at the location. You can rent a small office space for yourself for significantly less money than an entire apartment. Many places even have 24/7 access, so you can do whatever you need to do whenever you feel like it.
In fact, if you just need a desk to sit at and nothing else, you can rent an open desk for only $40 a month or so. This is great for people who just need to get out for productivity but don’t want to sit in a cafe.
Temporary Rentals Are Available for Vacations
You don’t need to sign a multi-year lease just to have a summer home. Temporary rentals can be found all over the place and are great for the purposes of having a seasonal place to stay. You’ll only pay for the time you are staying there, which will, of course, save you a significant amount of money.
Even if you can easily afford a second home that you’ll use for only three months, this is still worth the consideration.
You can have two leases to your name as long as the second landlord is comfortable with it. Landlords just want you to be able to pay your bill every month and not be a nuisance/destructive person. If you have the income to support two homes, there is a good chance you’ll get accepted quite easily.
However, this is an expensive way to do things at times, and it worth considering your other options before diving headfirst into taking out a second lease. Chances are there is going to be a significantly less expensive way to accomplish what you are doing.