(For 114 Ferris, subject to availability towards the end of August)
months (12M)?
A1: Well, it depends on availability of such an
apartment. We prefer those who signs for 12
months lease. We take those with 12M lease
with higher priority.
Q2: Why do you prefer 12 months lease?
A2: Ithaca is an academic town and many
landlords depend on academic market
demands, which surges in July, August. If you
leave the apartment in the middle of autumn,
or deadly cold winter, there is a risk of your
vacated room remain vacant until next
summer. That is the risk the landlord has to
take, and that is why you have difficulty in
finding lease for less than 12 months,
particularly odd term of anything less than 10
months.
That is why the monthly rent for shorter term
has to be higher than 12 months lease for the
same apartment. We take the risk, but we
want to be compensated for taking such risk.
Even if a room is empty, we have to pay the
same property taxes, and the same fixed
amount of mortgage has to be paid each
month. It is not easy for landlords to pay those
without income.
Q3: When can I sign a lease for shorter term?
A3: Again, we really cannot tell how many
rooms will be left at the end of August. But if
you keep contacting us frequently, we can tell
you updated information. Once we know that
we have (or will have) a room or two available
towards the end of August, we will be able to
sign the lease. If there will be more numbers
of people who are interested, we simply
consider those who can take longer than
others. We have no intention to raise the price
from what we say here. Market demand will
not change prices. We will be fair.
Q4: So, what will be the rate for shorter term?
A4: Please see the table on the right.
Q5: Do I need to pay deposits, then, how much?
A5: Yes. We do not aim to be a short-term
convenient hotel. We require 2 months
deposits for any lease term. (Unless you create
serious damage, we will return the deposits
soon after your lease expires).
& dining
space :
114
Ferris
Place
Ferris
than
12 months term
Term
12M $400 $425
(bases)
10M $440 $467.5
6M $480 $510
3M $520 $552.5
2M $560 $595
1M $600 $637.5
