Renting an apartment and a house at the same time may sound like a great idea.
After all, you’d have the best of both worlds: the flexibility of an apartment and the privacy of a house.
But is it really possible to rent two apartments at once? How viable is this option, and what are the potential downsides?
Can You Rent Two Apartments at Once?
Yes, you can rent two apartments at once.
There’s no law against it, and as long as you can find two landlords who are willing to rent to you, it’s perfectly doable.
However, there are a few things to keep in mind before you go ahead and sign those leases.
While renting two apartments at once is possible, it’s not always the smartest or most practical option.
In this article, we discuss the reasons why you may need to rent two apartments. We will also discuss the possible exceptions of renting two apartments at once and other details.
Reasons why you may rent two apartments at once
You might rent two apartments at once and use them interchangeably for several reasons. These may include:
1. Your leases coincide when moving
Sometimes, when house hunting, you may find the perfect apartment whose lease may clash with your current lease, even by a few days.
Overlapping leases often provide ample time for you to make the transition between living spaces much bearable.
While it might come with the convenience of not moving your stuff in and out of storage, it also has a downside.
For example, if you overlap even for a month, you might pay double the rent, including utilities.
You may save a tidy sum in transportation or fuel costs if you live closer to your workplace.
For instance, if you drive long hours for work, you may rent a home for your family and a place to stay close to work, as it is cheaper than going every day.
If you recently moved to a new location, returning to the same place now and then can be comforting as you get familiar with the new area.
This will help you get comfortable and allow you the opportunity to establish long-term relationships with residents.
Sometimes you need a 3-month summer break by the beach for the refreshment of strength and spirits after work.
Renting a second home for this purpose allows you to trade time in your house for a time in a home located in another region.
Disadvantages of renting two apartments at once
While renting two apartments comes with many perks, it’s not for everyone. This is because:
1. Maintenance costs
You’re responsible for home maintenance if renting an apartment or two.
In case of faulty pipes or roof leaks, you have to incur the repair costs for both houses, which may come with a hefty price tag.
2. Travel time
In most cases, your second apartment will require long auto trips or airline flights from your primary residence.
This means that to save on time and travel costs, plan on going less frequently, but stay longer in your other home.
3. Rental income
Most people who lease two apartments opt to rent out furnished apartments on a short-term basis using Airbnb.
This reduces the availability of dwellings for long-term renters.
Possible exceptions of renting two apartments at once
There are several exceptions where renting two or more apartments at once might not be possible. This may include:
1. Financial risk
In some cases, the landlord might see you as a financial risk, exempting you from renting another apartment.
For example, if you’re struggling because of your existing lease or have a lousy record of missing payments, your landlord may refuse to lease their apartment to you.
A poor credit score is also a hurdle for renting two apartments.
2. Subsidized housing
If any or both of your apartments are connected to a government-subsidized housing program, you may have legal issues that complicate your ability to rent a second apartment.
Tips you need to remember when renting two apartments at once
The first tip is that you should always maintain excellent relationships with both landlords, including consistent and timely communications.
You should also keep both accounts updated and active.
Always notify your landlord in case of any changes. For instance, if your job requires you to travel, reach out to your landlord if you hope to shorten your lease.
Ensure your credit score is in good standing and your finances are not stretched if you need to lease a second apartment.
What to consider before renting two apartments at once
Before you rent a second apartment, you need to consider:
- Initial costs – Getting your first or even second apartment requires you to pay some upfront costs, including advance rent, security deposit, application fee, and holding fee. Some of these costs are necessary to show commitment and dependability
- Long-term fees – These are some costs which you will be required to take care of during the period of your tenancy, including rent, utilities, and renter’s insurance
- Paperwork – When looking for an apartment, you must complete your paperwork before the search. These may include your identification, rental history, bank statements, social security number, and references
- Renovation – Before making any apartment modifications, you must consult your landlord first to avoid losing your security deposit. You may also incur additional fees as a result of damage caused to the property
- Duration of the lease – Ensure you confirm the period of your lease before signing as there are two types of leases, short-term and long-term
Frequently Asked Questions (FAQs)
Can you rent an apartment if your name is on another lease?
Yes, you can have your name on two or more leases as long as your application gets accepted.
If you’re in a position to pay rent each month without fail, you can take out two leases.
Can I be signed on two leases in Texas?
In Texas, signing and accepting multiple leases is legal.
You will, however, be required to meet all the obligations for both apartments unless there are changes that may exempt you from one.
Renting two apartments at once is not for everyone, but if you have a tolerance for the lurking costs and risks, the benefits can be weighty.