Long vs. Short Term Rental Lease
Long vs. Short Term Rental Lease
Are you an Expat expecting just a temporary stay in the Kingdom? Or, are you nervous about signing long-term leases when you are not sure if you can satisfy the contract length? Are you finding that most Cambodian landlords are unwilling to have tenants stay for less than six months?
Here is a guide to Long Vs. Short Term Rental Lease in Cambodia, from Realestate.com.kh.
Benefits of a Long Term Lease:
Signing a long-term lease will also grant higher negotiating power: the landlord should be more flexible because they know you will stay for a longer period of time. They may add furnishings that you request, and negotiate on otherwise set rates. Remember that most owners want to build and maintain a relationship with their tenants. A long term lease allows this trust to develop.
If you end up securing a lease for longer than you are able to stay in Cambodia, many expats/locals are seeking shorter length, sub-lease agreements. This will give you the opportunity to finish your lease agreement payments through a sub-lease with a short term tenant. It pays to check with the landlord that this will be possible before signing the leasing contract.
Alternatively, the landlord may allow you to transfer the entire lease to a new tenant that you have found – if you can’t satisfy the contract. Check whether they are also open to transferring the bond to the new sub-leasing tenant. If they are open to these options, let them know that they will have an opportunity to screen the new sub-leasing tenant before they are accepted. If the new landlord accepts these terms, the additional lease length shouldn’t be such a risk to you.
If I do sign a long term lease, what sort of contractual and non-contractual terms can be negotiated with the landlord?
Most importantly, the monthly rental price; as despite what the landlord and agent may say, in the Cambodian market there is always an element of flexibility in stated prices!
Consider requesting the installation of window screens, new or more fans, and new or improved furniture etc.
Rates for services, such as water, electricity and rubbish collection may sometimes be thrown into the final rental price, at no extra charge.
Remember, negotiation is about compromise. Consider the landlords objectives and unique circumstances – and try to compromise a rental agreement where both parties can feel satisfied.
