Quick question-son is at A&M renting a house. We are negotiating the lease renewal, and the owner wants to include a lockbox for the last 225 days of the Lease.

Is this normal? I see the need to show it to prospective renters, but why would they need a box if the management company was accompanying prospective renters? This could potentially give totally uncontrolled access. This provision was not on the original lease. Im inclined to strike it but wanted other opinions since I'm not experienced.

Forgot to mention that They offer to remove the box for $300. Sounds sketchy, but like I said, I'm not experienced with this type of thing.

Yes, that's excessive. I put 60 days and $25 fee in my leases.

Does the lease end in August, with the showing date starting in January?

If they're trying to prelease it for August, it would make sense. I've had people calling for May-August since November.

Edited to add - do you happen to know if the property was sold while they were living in it? If it's a new owner, I think that may account for modifications to the lease.

Just to ease your mind - a lockbox isn't giving total unrestricted access. Each agent has a PIN number specific to them so the listing agent or company gets notified any time it's opened (opened via Bluetooth app). Most rentals also request 24hr notice for showings either through the property management company (who contacts the tenants) or the tenants themselves so they do have SOME control over the situation and have time to put away valuables, etc.

Also, just as an aside, the leasing market at UT/Austin is on a completely different schedule than at A&M/College Station. In Austin, as a student, if you don't have a bed for the next year by October of the current year, you are late. I think the difference is just maturity of the market, and over time College Station will move in that direction.

Lease ends May 31st 2020

Property is still under the same ownership. This is not necessarily a deal breaker. Leasing agent told me that all BCS Realty properties are going to 225 days.

I appreciate everyone's insight.

Ask for 72hrs notice and call it a day. That should give everyone in the house time to clean up, put valuables away, and get the stench of pot and beer out.

Not abnormal at all anymore. Students are calling in November-December for August leases. I can sell a home in less time than it takes most students to lease one.

The day rent homes usually hit the leasing market in CSTAT was Feb 1. This doesn't sound unreasonable considering how overbuilt the market is. The owner wants to give his house as much exposure to Realtors and leasing companies as possible.

Just the nature of the game.

I own rentals here in Aggieland that I manage myself.
I listed my units for rent January 1 for August.
I started getting calls immediately. They are all pre leased.
I have found that the kind of kids I want in my houses are proactive and don't wait until the last minute. They know that desireable properties go fast.
My current tenants know I will be showing properties early and be done in a very timely manner.

Diggity said:

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I'm not in a college town but I would think it's pretty ridiculous to have to show a house for 2/3's of the leasing period.

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Also pretty good chance it won't be shown for very long as someone will lease it relatively quickly.

I'm sure that's the hope, but I keep hearing that things have slowed down considerably in C/S. There wouldn't be any certainty of a quick lease.

Hey, if that's the norm in the market, so be it.