A second chance, a term used to describe a temporary arrangement where the property owner will pay the tenant a fixed amount in rent, has come under increasing scrutiny in recent years.
The term refers to a rental unit where the owner has agreed to pay rent on the property, while the tenant stays in the unit for a fixed term.
Many homeowners who find themselves in a second chances situation, whether they own their home or lease it to another person, are worried that a lease may not be enough to help them pay off their mortgage.
“If you can’t get into the lease, you’re not going to get the money,” said Julie Smith, a real estate agent with a Seattle-based agency.
“So you might want to think twice about leasing.”
The rental market is a difficult one for landlords.
Landlords are often under pressure to increase the rent or to sell their properties to a buyer.
In addition to the higher rents, they have to contend with the fact that many apartments have no elevator, which means they are not built to support a lift.
And some renters may find themselves unable to pay their mortgage while in the apartments they are renting.
According to the National Association of Realtors, the rental vacancy rate in Seattle is 6.3 percent, which is well above the national average of 4.3.
There are a number of factors that can contribute to the housing market being unstable, but it’s not the first time the term has been used to refer to a temporary rental arrangement.
While a second opportunity is a new concept for many renters, many are wary of moving into a rental property and want a plan in place.
For example, one apartment complex near Cedar Ridge was once a hub of luxury and entertainment in Seattle.
After several years of renovations, the building was converted into an apartment complex for single parents and other individuals in need.
But this arrangement ended in 2014 when the property was purchased by the owner.
Now the owner plans to turn it into a parking garage for single residents who need space.
Smith said there is a wide range of tenants and the terms of the lease vary widely.
Some lease agreements are structured to allow the tenant to move into the apartment when the lease ends and stay for a certain number of years, while others require the tenant remain in the property for a longer period of time.
If you want to find out more about a rental or lease, visit our Renting guide for renters.
Sources: Seattle Times, Seattle Post-Intelligencer, Health News Today, Seattle Weekly, Seattle Center, Health Center, Seattle Times
