Short(ish) Term Lease?

[moc]

We currently rent a 2 bdrm apartment from the Irvine Company, our lease ends in mid-May of this year. We are considering signing a purchase agreement on a new construction home, which has an estimated closing date of Mid-October. To give a little buffer we would be looking to sign a six month lease that takes us through mid-November.

When we moved into this apartment we were told we could renew our lease or go month to month - which turns out is true BUT we will be charged our rent + 30% for a month to month lease. This is out of the question - an insanely unfair fee which also negates our ability to meet our savings goals as we approach closing. We're still investigating what a 6 month lease at our current place will cost. In the meantime - any suggestions for looking for a non-year long/sort of short term lease? Any other general advice or takeaways about the rental market in Irvine? When we moved here from outside the area the Irvine Company was really the only viable option since we weren't in the area.

 

[Irvinecommuter]

We currently rent a 2 bdrm apartment from the Irvine Company, our lease ends in mid-May of this year. We are considering signing a purchase agreement on a new construction home, which has an estimated closing date of Mid-October. To give a little buffer we would be looking to sign a six month lease that takes us through mid-November.

When we moved into this apartment we were told we could renew our lease or go month to month - which turns out is true BUT we will be charged our rent + 30% for a month to month lease. This is out of the question - an insanely unfair fee which also negates our ability to meet our savings goals as we approach closing. We're still investigating what a 6 month lease at our current place will cost. In the meantime - any suggestions for looking for a non-year long/sort of short term lease? Any other general advice or takeaways about the rental market in Irvine? When we moved here from outside the area the Irvine Company was really the only viable option since we weren't in the area.

How much time are you looking at before construction is completed?

 

[moc]

We currently rent a 2 bdrm apartment from the Irvine Company, our lease ends in mid-May of this year. We are considering signing a purchase agreement on a new construction home, which has an estimated closing date of Mid-October. To give a little buffer we would be looking to sign a six month lease that takes us through mid-November.

When we moved into this apartment we were told we could renew our lease or go month to month - which turns out is true BUT we will be charged our rent + 30% for a month to month lease. This is out of the question - an insanely unfair fee which also negates our ability to meet our savings goals as we approach closing. We're still investigating what a 6 month lease at our current place will cost. In the meantime - any suggestions for looking for a non-year long/sort of short term lease? Any other general advice or takeaways about the rental market in Irvine? When we moved here from outside the area the Irvine Company was really the only viable option since we weren't in the area.

How much time are you looking at before construction is completed?

Right now we have an estimated closing of Mid-October, so we were thinking having a lease run six months (Mid-May through Mid-November).

 

[Irvinecommuter]

We currently rent a 2 bdrm apartment from the Irvine Company, our lease ends in mid-May of this year. We are considering signing a purchase agreement on a new construction home, which has an estimated closing date of Mid-October. To give a little buffer we would be looking to sign a six month lease that takes us through mid-November.

When we moved into this apartment we were told we could renew our lease or go month to month - which turns out is true BUT we will be charged our rent + 30% for a month to month lease. This is out of the question - an insanely unfair fee which also negates our ability to meet our savings goals as we approach closing. We're still investigating what a 6 month lease at our current place will cost. In the meantime - any suggestions for looking for a non-year long/sort of short term lease? Any other general advice or takeaways about the rental market in Irvine? When we moved here from outside the area the Irvine Company was really the only viable option since we weren't in the area.

How much time are you looking at before construction is completed?

Right now we have an estimated closing of Mid-October, so we were thinking having a lease run six months (Mid-May through Mid-November).

Six month lease seems feasible...that should eliminate the extra costs.  You can also move into the neighbor at a house rental.

 

[irvinebullhousing]

Depends on how you weight on the hassles of moving. Moving out to another place and then 6 months later move again. Some lives the minimalism lifestyles and would not be a problem with pack up a few items then move again. 6 months term is a long duration enough that you may want to explore with private landlord in the immediate area or closer to where you penned your contract for purchase. If you bought from Irvine Pacific builder, they are a subsidiary of the Irvine Company and I almost guarantee that they will work with you on the non additional increase. Make sure that they know you are in a contract for purchase. If you not buy from IPAC builder, talk to the leasing manager and bring it up to corporate level if necessary. They are not loosing anything with going month to month with you for 6 months. Congrat.

 

[Kenkoko]

Have you looked at VRBO or HomeAway?
There are plenty in Irvine. I am sure some will offer discounted rate for a lengthy stay.

 

[moc]

Depends on how you weight on the hassles of moving. Moving out to another place and then 6 months later move again. Some lives the minimalism lifestyles and would not be a problem with pack up a few items then move again. 6 months term is a long duration enough that you may want to explore with private landlord in the immediate area or closer to where you penned your contract for purchase. If you bought from Irvine Pacific builder, they are a subsidiary of the Irvine Company and I almost guarantee that they will work with you on the non additional increase. Make sure that they know you are in a contract for purchase. If you not buy from IPAC builder, talk to the leasing manager and bring it up to corporate level if necessary. They are not loosing anything with going month to month with you for 6 months. Congrat.

Thanks all for your advice!

Compressed village - you were correct they were willing to work with us and gave us a lease extension through the end of October for a small and reasonable monthly increase in rent.

I am still a little outraged on principal that they charge so much for month-to-month leases, but I suppose that's their right and the benefit of the near monopoly of the Irvine Company.

 

[snjnk]

When did you move-in to that apartment?
Is your builder iPac as well?

 

[moc]

We moved in June 2018. We were offered an 11 month lease through May 2019.

Our builder is California Pacific Homes.