Tenant re-rents at a profit
This morning I was reading the Small Property Owners Association Newsletter and I came across this story.
An East Cambridge owner of a two-family property reports that she rented out her three- bedroom unit upstairs to a single man who truned around and re-rented the unit to four students, charging them in total more than the rent he paid the owner downstairs.
The initial tenant agreed to pay a rent of $1650, which included parking and all utilities. He turned the dining room into another bedroom, charging each student $450.00 a month for a private bedroom as advertised on craigslist.org. He also charged $125 per month for the parking space. The initial tenant is receiving a total of $1925.00 per month in rent.
Perhaps worst of all, the landlord wanted a single or couple living in her unit upstairs and now she has “I have drinkers, smokers and partyers who dance until two o’clock in the morning, keeping me up at night.”
The initial tenant told the students that he was doing this same arrangement in many other places in Cambridge and Boston and is “teaching” them how to do it, too via Craigslist.org.
The eviction process has begun…..
If your a landlord or a tenant and have a story please email me or leave a comment.
File under: The joys of being a landlord