Renting - And My Current Leasing Situation... Thoughts? (1 Viewer)

xydrine

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So, to make a long story short, my current apartment complex blows.

I'm paying roughly $1450/month for my NON-RENOVATED apartment.

Around here, I can get renovated apartments with about 100-150 more SQ FT than my current apartment, for around $300 to $200 less than what I'm paying now.

I'm currently on the first floor. I hate bugs, and prefer to be on the third floor - for that reason (though good apartments shouldn't really have many bugs but this apartment complex, as mentioned above, BLOWS) as well as noise. I hardly go anywhere so third floor would be perfect for a few reasons, these included.

We could definitely use some more room, but the renovated apartments are the main thing I'm interested in, and the showers. Dang the showers in the other apartments (see below)...

Here's some photos of my current (way too much crap in here at the moment, had to move most of my stuff into the living room to clean out the bedroom the other week because they thought they were going to have to knock down the wall to fix the AC line that was supposedly leaking) apartment...:

a2.png


a3.png


a1.png


Don't judge me.

These are the RENOVATED apartments at my current complex:

Imsdage5.png


Even the renovated ones here are kinda crappy. But new stove/range, actually comes with a microwave (cheap bastards don't have one in this current apartment I'm in), and wooden floors, as seen above.

My lease expires in FEBRUARY 2020. Since I've been doing 15-month leases, this is an unfortunate reality (since I moved in, in August a few years ago). There isn't even a compassionate lease termination clause or even a medical termination clause. Again, this place blows. All my past apartment complexes had both of these clauses in their leasing contracts.

To terminate my contract early, there are two options:

1.) Provide a 60-day notice, and at the end of these 60 days, pay 2x my current rent, just to leave. That means I'd have to pay roughly $2800 to break my current lease with this option.

2.) Find someone to take over my current lease. If I can do that, my lease will be completely terminated and I won't have to pay to get out of it. The apartment complex does not facilitate finding people (anyone incoming to the complex, they don't offer these types of transfers to them of their own accord - I personally have to find someone to do this, by whatever means). But once a lease is transferred like this, my lease is completely terminated - no notice needed (60-days like #1 above) and no lease termination fee required either ($2800 ish like #1 above).

I don't know how easy it would be to find someone to take over my contract considering this apartment isn't renovated, and again for the area it's kind of expensive. But again, who knows. I think #1 is realistically the only option here if I want to terminate my lease early.

There's a brand new apartment complex that just opened up and is still actually building tons of new apartments - this one: Apartments in Franklin, TN | Retreat at Ironhorse - they actually currently have a promotion that new signups get the first month free (so that's about $1350 that I wouldn't have to pay) and then upon moving in you get a $500 visa card. So if I were to move in here under these conditions, that's about $1900 that I'd love to obviously keep, but if I really want to break my lease early under the #1 condition above, I'd have to look at paying around $950 to do the break (again, unless I find someone to take over my lease per condition #2 above). Plus I would get my security deposit from my current complex back too (around $1450 or so I believe it was) but that'd most likely end up going to my new complex in full, so that'd end up getting cancelled out.

They actually have some really nice showers too, but still, their apartments are gorgeous...:

08-rs.jpg


21-rs.jpg


Another place I found is Emblem Franklin, TN | Welcome Home - they are somewhat new, but they have some badass apartments as well. And they are much cheaper than my current apartment and still have roughly 50-100 SQ FT more than my current apartment - looking at around $1200-1300 a month here. They do not at the moment appear to have any promotions like the first apartment complex mentioned above (no first month free rent, etc), but again, it's a bit cheaper. And holy crap their showers:

11.jpg


15.jpg


Mmmm those showers.

So yeah, these are the current options I'm looking at.

I'd really really really hate to have to stay here until February 2020, which may end up happening, but we'll see what happens.

What's everyone's thought regarding all of this?
 

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Tallyho

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I'm a big fan of option #3.

#3 a. Earn a cash incentive of $2800 by fulfilling the lease to 2020.

#3 b. I was also going to recommend simultaneously looking for a very well qualified lessee that you have vetted to be drama free for such a risky transaction, but it doesn't appear you can find one without some kind of incentive discount to get them to take your place.

Which means it all comes down to cash trade-off and what is the monetary penalty you are willing to forego to move.
 
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tempnexus

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#1 DO NOT EXPECT your security deposit back...or at least don't count on it. Even if you leave it spotless they will still find **** to deduct some portion of it or majority of it. I had a cleaning crew come to my old ABQ Apartment and wash the carpets and thoroughly clean the place, I took pictures and when I left they still charged me $400 off my $900 deposit for some bullshit laundry and oven thing...I went back and forth but eventually I said **** it (since I was in VA at the time and didn't want to fight with them in NM courts and they knew that!). So yeah if you are counting on your security deposit being returned full amount then make certain to take pictures of every nook and cranny before you move out to show that it's spotless and double check the checklist that you signed upon moving in and make sure that everything that was there is left in the same condition...ie....if there was a missing fixture and you noted it in the checklist and then they come back at you saying that the fixture is missing, you can point back to the checklist and state that it was never fixed and thus it's not your problem.

#2 If the rent stays the same for anyone you sublet then you can offer to pay $200 each month off the rent of $1450 to whoever rents it from you. If you give your 60 day notice and advertise the property on craigslist to be available within 60 days then you have 2 months to find someone. so that's what:? 7 months at $200 so $1400 out of pocket vs $2800...best case scenario you only spend $1400 and you can live in a new happy place. Worst case scenario you will be out of $2800.

#3 Can you really psychologically remain in your current situation for the next 9 months? In the end that's the most important question, your personal physical and psychological health has no price associated to it. If you know that by moving out, you will feel better and gain motivation and drive and actually make your everyday life better than is $2800 really that much?

#4 Now this might sound heartless but honestly it's not meant to be...it's just a logical (feelings removed) fact. You were about to pay nearly twice that amount for a procedure for Tink and you didn't even know if that procedure would have worked but you were prepapred to do that. Now, Tink would want the best for you and she would want you to be happy. So think of the $2800 as a way of Tink paying for your better wellfare after she is gone.

edit:

#5 to speed up Craigslist subleting advertised it as: "Do to current structural and material conditions of the apartment complex, the whole apartment complex has been deemed as meth lab friendly"

#6 Take out renter's insurance, hire a junky to torch the apartment complex.
 
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Deacon

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it all comes down to cash trade-off and what is the monetary penalty you are willing to forego to move.
I think that’s the bottom line, @xydrine assuming your financial situation will allow it, how much “value” do you personally place on the idea of a different apartment? It sounds like it’ll cost you ~$1000 or so to move, if you don’t find them someone else, plus whatever amount of your security deposit you don’t get back (@tempnexus is right). If you hate it that much, and there’s no other downside to moving, is it worth it? I think only you can answer that.

That said, the way you’ve presented it, you would bear no liability for whoever takes on your lease, as your lease will be terminated. That means you can throw up an ad on Craigslist and wherever else to see if you can find someone who’s ready to move, too. I imagine that’s very much worth the attempt.

Separately, the staged photos of the new places seem very nice, but that’s a LOT of white surfaces to keep clean in those new places. For whatever reason, that’s what struck me when I saw them :)

EDIT: Oh yeah, another thought, since you don’t need to leave your apartment all that often anyway, is there anything in particular holding you to the Franklin area specifically? Those rents seem awfully high, but maybe I’m just out of touch for that area. If you want to stay in the greater Nashville area, might there be other places available elsewhere at lower rates, even townhomes and such, or at least less ritzy neighborhoods?
 
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imaitguy

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Here's the numbers based on what I read. Assuming the security deposit is a wash. Also don't forget moving expenses.

Break LeaseIronHorseEmblem
Jun-19​
$1,450​
$1,450​
Jul-19​
$1,450​
$1,450​
Aug-19​
$1,450​
$2,900​
($500)​
$1,300​
Sep-19​
$1,450​
$1,350​
$1,300​
Oct-19​
$1,450​
$1,350​
$1,300​
Nov-19​
$1,450​
$1,350​
$1,300​
Dec-19​
$1,450​
$1,350​
$1,300​
Jan-20​
$1,450​
$1,350​
$1,300​
$11,600​
$5,800​
$6,250​
$7,800​
Total
$11,600​
$12,050​
$13,600​
Delta
$0​
$450​
$2,000​
Cheaper
$100​
$150​
Months to recoup
4.5​
13.33​
 

MurrayB

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If I understand it correctly:

$2900. to break lease
$1350. first month free + $500. VISA new apartment
$950. Out of pocket. Cost of a few tech goodies.

However, this is offset by $100. per month lower rent
Ten and a half (10 1/2) months from move in to be even.

Of course. there will be some moving costs and no mention of utility costs.

If I was as unhappy as you seem to be it would be a no brainer.

Of course, this is a quick seat of the pants analysis.

Good Luck!
 

xydrine

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Also don't forget moving expenses.
Already accounted for this. This will be roughly $100 - have the capability to do it locally (since I won't be moving more than 5 miles). So next to nothing regarding this.

Additionally, the prices I used are using the average pricing for the above complexes - I'm actually aiming to be roughly $100-150 lower than what I quoted but I put those prices for this thread just for "safe" price calculations.

Separately, the staged photos of the new places seem very nice, but that’s a LOT of white surfaces to keep clean in those new places. For whatever reason, that’s what struck me when I saw them
Haha this is the least of my worries TBH. I love white surfaces. That, and it'd give me a reason to keep the place clean!

I think that’s the bottom line, @xydrine assuming your financial situation will allow it, how much “value” do you personally place on the idea of a different apartment? It sounds like it’ll cost you ~$1000 or so to move, if you don’t find them someone else, plus whatever amount of your security deposit you don’t get back (@tempnexus is right). If you hate it that much, and there’s no other downside to moving, is it worth it? I think only you can answer that.
If I can move and break even on the move (as of the first month - saving money over time as imaitguy pointed out is definitely going to be beneficial), I definitely value moving. I absolutely HATE this current complex.

I also thought of another option - I guess we could call it #4 - but I don't want to go into this right now as it'd be a worst case scenario move, and I haven't exhausted the current options just yet.
 

STS134

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Could you do #2 and if you can't find someone to take over the lease at full price, then "subsidize" part of it for him/her? Think of a trade in sports, of a player that's not doing well, when a team wants to free up a roster spot. They might get stuck paying part (but at least not all) of his salary.

Also, if you want something new/renovated and no maintenance, what about the option of buying a townhouse or condo? Those pictures look very similar to the insides of many modern townhomes and condos.
 

xydrine

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#1 DO NOT EXPECT your security deposit back...or at least don't count on it. Even if you leave it spotless they will still find **** to deduct some portion of it or majority of it. I had a cleaning crew come to my old ABQ Apartment and wash the carpets and thoroughly clean the place, I took pictures and when I left they still charged me $400 off my $900 deposit for some bullshit laundry and oven thing...I went back and forth but eventually I said **** it (since I was in VA at the time and didn't want to fight with them in NM courts and they knew that!). So yeah if you are counting on your security deposit being returned full amount then make certain to take pictures of every nook and cranny before you move out to show that it's spotless and double check the checklist that you signed upon moving in and make sure that everything that was there is left in the same condition...ie....if there was a missing fixture and you noted it in the checklist and then they come back at you saying that the fixture is missing, you can point back to the checklist and state that it was never fixed and thus it's not your problem.
I absolutely destroyed my MA apartment and got the entire thing back. Come to think of it, my VA apartment was the same - I managed to recoup both security deposits there ($1450~ and $1850).

But all good points, everyone.
-- Double Post Merged: --
Could you do #2 and if you can't find someone to take over the lease at full price, then "subsidize" part of it for him/her? Think of a trade in sports, of a player that's not doing well, when a team wants to free up a roster spot. They might get stuck paying part (but at least not all) of his salary.
I was thinking AirBNB however they STRICTLY prohibit AirBNB here, as well as any sort of renting out to others like this. So unless I did it under the table, this is probably not a great idea.
 

tempnexus

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.....


Haha this is the least of my worries TBH. I love white surfaces. That, and it'd give me a reason to keep the place clean!


.....
yeah it hides the cum stains better the only problem is the sticky residue still remains.
 

grayman

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I'll just say this, renting in Davidson/Williamson County area blows. I've been there done that!

I moved here 11 years ago, breezed into town on my last nickle. I couldn't maintain renters on my property in Michigan people are weird and they suck. I was upside down, couldn't sell and got foreclosed on. Proceeded to live in an apartment with ever escalating rents and crime stats. Decided to bite the bullet and rent a house as my credit was smoked. I've done that in two different places for years now. Just recently bought a place in Montgomery county and moving next month.

Hang in there man! If possible stick it out and find somewhere more suitable at lease your end, and consider renting a home vs an apartment.
 

xydrine

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yeah it hides the cum stains better the only problem is the sticky residue still remains.
Yeah that's what those stains are from, 100%.

:lol:
-- Double Post Merged: --
Hang in there man! If possible stick it out and find somewhere more suitable at lease your end, and consider renting a home vs an apartment.
Definitely something I've thought of - the homes/condos around here I've actually looked at are even less than I'm paying now for like 2BR 2BA, etc. It's actually ridiculous how much apartments are here.
 

tempnexus

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I absolutely destroyed my MA apartment and got the entire thing back. Come to think of it, my VA apartment was the same - I managed to recoup both security deposits there ($1450~ and $1850).

But all good points, everyone.
-- Double Post Merged: --


I was thinking AirBNB however they STRICTLY prohibit AirBNB here, as well as any sort of renting out to others like this. So unless I did it under the table, this is probably not a great idea.
MA has Landlord friendly laws, and VA has Landord-Tenant free arbitration lawyers provided by the city so they are also landlord friendly.

I don't know about TN it depends on the Landlord and the Laws.

Also it depends if you rented it via military billet or yourself...if it's based on military billet and you were active duty then they are less likely to come after you since they don't want to be bad mouthed in the DoD community as a unfriendly place to rent....that goes quadruple in the VA area.
 

xydrine

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MA has Landlord friendly laws, and VA has Landord-Tenant free arbitration lawyers provided by the city so they are also landlord friendly.

I don't know about TN it depends on the Landlord and the Laws.

Also it depends if you rented it via military billet or yourself...if it's based on military billet and you were active duty then they are less likely to come after you since they don't want to be bad mouthed in the DoD community as a unfriendly place to rent....that goes quadruple in the VA area.
Wasn't military anything - just standard apartments.

The ****ers wouldn't let me move off base and get BAH even when I was an E-5. It was cause I was/am single. They screwed me out of around $2k/month in BAH while I was in.
 

tempnexus

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Wasn't military anything - just standard apartments.

The ****ers wouldn't let me move off base and get BAH even when I was an E-5. It was cause I was/am single. They screwed me out of around $2k/month in BAH while I was in.
Yeah but at least you didn't marry a 900lb guerilla in order to save $2k/month in housing. Since now in addition to feeding the 900lb individual you would have about 4 kids and each one of them of different race.

Deployments have weird effect on some young enlisted individuals. Each time they deploy the pregnant wife delivers a different race baby, it's really strange. Further scientific research is required in order to see if there is some correlation between eating MRE's and the genetic makeup of the soldier's semen.
 
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xydrine

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Don’t hate me but it sounds like you “wish” to move yet are looking for excuses not to move.

The solution could be simple: look at great complexes that have everything you are looking for so that it is no longer a wish but absolute desire IE a need that can only be resolved by moving.

Looking at homes to rent that are in budget also makes sense because it eliminates bad complex and noise issues.
 

xydrine

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Don’t hate me but it sounds like you “wish” to move yet are looking for excuses not to move.

The solution could be simple: look at great complexes that have everything you are looking for so that it is no longer a wish but absolute desire IE a need that can only be resolved by moving.

Looking at homes to rent that are in budget also makes sense because it eliminates bad complex and noise issues.
Oh absolutely not.

I'm looking for suggestions on how to do it, while on a very fixed budget for the next 4-5 months.

I'd even go as far as sleeping in my parents garage for 1 month to accumulate a months worth of rent if it came down to it, hahaha...

yes, but how's the Internet at the new place ? ;)
That was the FIRST thing I checked! :rofl:

Both places have AT&T Fiber, which is what I have here, and is absolutely incredible.
 

tempnexus

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Oh absolutely not.

I'm looking for suggestions on how to do it, while on a very fixed budget for the next 4-5 months.

I'd even go as far as sleeping in my parents garage for 1 month to accumulate a months worth of rent if it came down to it, hahaha...



That was the FIRST thing I checked! :rofl:

Both places have AT&T Fiber, which is what I have here, and is absolutely incredible.
speaking of ATT fiber! I have finally fixed my Uverse stupid ass connection issue that was inflicting my remote STB boxes (not the ones that are wired directly to the Ethernet). So ATT has something called VSP 222 or some **** like that...it's basically a 5Ghz transmitter that sends encrypted video stream to their STB boxes....the problem is: The transmitter randomly hops channels throughout the stream and you can't select which channel it operates on (I guess they had to do that in order to prevent decryption based on MPAA or I don't know!). Anyhow, my home has 4 repeaters all built into the ceiling, so you have a very strong 2.4Ghz and 5Ghz signal everywhere in the house.
Now the problem I was having with the ATT STB box was that every 5 min or so the picture and sound would freeze for 20 seconds and then resume....the time was random but it was anywhere from 4 to 10 min. That was annoying as hell. I went through replacing the boxes, replacing the transmitter, moving the transmitter all over the damn house and nothing helped.
So I finally said; "well let's see what happens when I disable the 5Ghz band that I have on my home network?"...and bam...the problem magically goes away; we can finally watch TV w/o an issue. Thus, I think to myself:...." Self, I guess it's the 5Ghz interference!?"...so I change my home network to the lowest 5Ghz channel (TV goes to ****), I set the Channel to mid of the band (TV goes to ****), I set the channel to the end of the band (TV goes to ****). In the end, in order to watch the TV on the remote STB's I am forced to disable the 5Ghz band on my home network. Sigh.

however, the fiber aspect is indeed incredible!
 

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