Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply

User Stats

258
Posts
66
Votes
Wendy S.
  • Ellenwood, GA
66
Votes |
258
Posts

College Rental terms

Wendy S.
  • Ellenwood, GA
Posted

Good day fellow Bpers, I need your help.

April 2019, my daughter asked me to guarantor an apt for her senior college year in Fayetteville, Arkansas. After asking her to show me the cost savings of doing so I decided ok.

Apt was being offered for $499 deal for 12 months. No payment due until prior to move in Aug 2019.

I then asked my daughter if they had a 10 month contract. They did, but this attracted a $25 monthly fee to facilitate. We agreed this would be fine.

Fast forward to now Aug 2019. She got an invoice for:-

$590 monthly (not $499 deal rate as agreed)

$25 fee for 10 month rental

So $615 monthly recurring rent

Spoke with their office and was told this is the policy as the deal was only offered for the 12 month period. My daughter again called them, after which they pretty much told her the person initially who sent us documents and spoke to us made an error and should have pointed out that the 10 month lease would attract the regular rental rate.

I feel strongly they should take some responsibility and meet us halfway especially as they have also said they can't revert back to the $499/mth for 12 months as the special has gone.

Bear in mind this 10 month would also be from Aug 19, 2019 to May 31, 2020. Meaning we are being charged for the full month of August.

School starts Aug 26.

Am I wrong for feeling taken advantage of? Yes I went through the initial agreement but after reviewing the lease itself and clarifying a few points I deferred to my daughter as ultimately it's her lease.

I would appreciate some constructive criticisms and points for discussion. Tomorrow I am calling again to hopefully speak with someone in authority.

Price difference

$499 x 12 =$5, 988 vs $615 x 10 = 6,150

So while it's only $162 it's the principle I have an issue with.

Also should we pay full rent for August?

Sorry for the long post, just asking for future college costs if any.

  • Wendy S.
  • Most Popular Reply

    User Stats

    2,086
    Posts
    2,139
    Votes
    Andrew B.
    • Rockaway, NJ
    2,139
    Votes |
    2,086
    Posts
    Andrew B.
    • Rockaway, NJ
    Replied

    Truly, 99% of this will be decided by the words written in the lease. There would have to have been some gross misrepresentation for a judge to override the lease. ESPECIALLY, if you have no written evidence.

    Its common to charge incoming tenants the whole month of rent, if they are signing the lease in advance. This is because they could have continued advertising and found someone to move in on the first (potentially). If your lease is structured that way, you have possession of the whole month, but you are choosing to move in later.

    Also, the lease should specify the rent rate that you are being charged. This is why it is important to always read things thoroughly before you sign them.

    Loading replies...