Viewing a single comment thread. View all comments

mrdannyg21 t1_j6gf3ol wrote

Reply to comment by MailsDavis in Is prepaying your rent a smart idea? by MailsDavis

Doing it for no reason is a bad idea. But if you believe doing it may get you an apartment that you may otherwise not get, it is a fairly cheap and easy way to potentially get a big benefit.

Two main issues:

  • will doing it actually help your application? Maybe - hard for any of us to say. That’s more personal opinion than strictly a finance question.
  • does prepaying hurt your negotiating position if something goes wrong? Certainly possible, though if you’re paying no more than the current year in advance (quarterly would be even better), you probably aren’t hurting yourself much in case of disputes.
43

mythirdaccount2015 t1_j6if5vn wrote

I think prepaying by quarter is certainly the better option.

As someone on both side of the rental market (I’m a landlord for a house that I still own, and I rent in a different city), prepaying would make you more attractive as a renter, mainly because it gives the landlord the security, not only that you can afford it, but that you’re not going to leave if you change your mind. But it also puts you at a disadvantage if something goes wrong. Most disputes are not resolved in court because it’s a pain to go through it, so whoever has the money ends up with a huge advantage. I still have two tenants who owe me rent after they broke the lease, and they still haven’t paid.

3