A few days ago a family friend asked me to see how the rental market was in Burlingame. It seems they may be relocating and will probably rent their lovely Easton Addition home.
I knew single family homes for lease in this community were scarce, however I was shocked to find as of yesterday, August 2nd, there actually were no active listings for single family homes for lease in our local Multiple Listing Service for Burlingame.
Even more shocking was there were 4 "pending" single family homes for lease, That is, these rental homes were only waiting for final approvals to lease the home.
The average amount to lease a 4 bedroom home in Burlingame is approximately 4,500 to 6,000. There are many reasons why people will lease a luxury home at these numbers. Some have recently relocated and are unable to procure a loan to purchase a home because of lack of "seasoned" employment. That is, banks will seldom loan to a borrower who has not been employed a current position/company for a short period of time, even though the salary is very high.
Another reason is temporary relocation and a company will pay for the housing.
What ever the reason, Burlingame remains a highly desirable area to live, whether to lease or purchase.
If you're thinking of leasing your home, there are a few issues to consider.
- It's best to have a professional handle the paper work and credit check and background employment history of a potential tenant.
- When leasing a luxury home, I don't feel comfortable placing the home on craigslist, this is just a personal opinion.
As a homeowner you still would need to maintain you home-owner's insurance. You should also be sure that any potential tenant procures their own "renter's" insurance.
- You are still responsible for the components of the home, for example: Plumbing, Electric and maintenance of the grounds, (unless prior agreement for tenant to maintain the landscaping)
If you are leaving the area, you may want to hire a property manager to oversee the property. There are some very good/excellent ones on the Peninsula, ask for referrals