Thursday, June 16, 2011

Will Miss #331 - rent contract terms

No, this is not where I live, but someone else does.

When I lived in the U.S., I lived in circumstances in which I didn't have to pay rent in both Pennsylvania and California. Lucky me. I only started forking over a pile of cash to a landlord upon moving into my Tokyo apartment, and I was annoyed at the key money and renewal fees, but figure that was the cost of business here. I've since come to learn that it is common, particularly in densely populated or highly desirable areas, for rent contracts in the U.S. to be shorter term (6 months to a year) and for there to be a rent increase upon every renewal. I also have learned that it's common to have to pay a penalty fee, a not insubstantial one, if the term of the contract is not completed. Rent contracts in Tokyo are for two years, rents rarely go up much, if at all, upon renewal of the contracts (and sometimes go down), and there is no penalty fee for leaving before the term is up.

I will miss these favorable rent contract terms.