Mid-term rental to a company

[Yulia Orlov]

Hello! I have a house that I rent out mid-term, and I always rented it to families etc… I was contacted by a company who wants to rent it for their executive from UK… 

How do I process it? I can’t run a background check… And what about the rental agreement? Do I write it to a person? Company? Any specific clauses I should add? 
thank you! 

[Warren Lizo]

Hi Yulia,

First, make sure the company is legitimate. If that inquiry is out of the blue, it sounds a little sketchy. 

Second, if you are renting to a company then you need to diligence the company and its ability to pay and abide by the lease terms, just like a residential tenant. This is not always easy though. The foreign company needs to have a EIN or a representative in the US with an TIN so you can look up its credit worthiness. Although you can't look up criminal history, you can get landlord references from other landlords with whom they have worked. Different from a residential tenant, you will need to have an agreement that states their expected conduct, when and how they will remove their tenant, and if you want any screening done in advance for the person(s) staying in the unit.

There are some of the major considerations. It could be a lucrative relationship if it is legitimized. I wish you the best and please keep us updated with how it goes.

[Yulia Orlov]

Quote from @Warren Lizo:

Hi Yulia,

First, make sure the company is legitimate. If that inquiry is out of the blue, it sounds a little sketchy. 

Second, if you are renting to a company then you need to diligence the company and its ability to pay and abide by the lease terms, just like a residential tenant. This is not always easy though. The foreign company needs to have a EIN or a representative in the US with an TIN so you can look up its credit worthiness. Although you can't look up criminal history, you can get landlord references from other landlords with whom they have worked. Different from a residential tenant, you will need to have an agreement that states their expected conduct, when and how they will remove their tenant, and if you want any screening done in advance for the person(s) staying in the unit.

There are some of the major considerations. It could be a lucrative relationship if it is legitimized. I wish you the best and please keep us updated with how it goes.

The company is a huge gas provider in the area, and the communication came from corporate email (not Gmail), so hopefully legit :)

Thank you!

[Jamie Banks]

I would structure the lease as a corporate lease to the company, if the company wants the lease in the occupants (employees) name make sure to get a letter of responsibility from the company stating that they're financially responsible for the rental agreement. 

[Miguel Del Mazo]

We are starting to see more and more demand from corporate entitities at our MTRs whether that be from companies providing for their executives or skilled laborers, or insurance-associated temporary housing.  Interestingly, these leads have come 50/50 from furnished finder and AirBnB (sorry, Vrbo). 

This has been great as there has been a general decrease in the number of traveling medical professionals in our area, and those travelers have been more price-sensitive than during COVID.  The corporate clients have been very easy to work with, and they seem less concerned about the dollars charged as the quality of the level of service provided. That means, be responsive and cordial.  These booking are often not made by your eventual resident, but rather they may be made by some harried assistant who ultimately has the power to choose where the "VIP" stays. Keep that person happy, and they will keep you happy as well.