A Landlord offered to reduce my rent if I leased his house for 5 years. Is this legal in the state of Florida? I asked around and got mixed answers. Can someone tell me if it legal or not and where can I specifically find the legal term allowed for residential properties in the state of Florida.

Hello b:

Sure, it's legal. Landlord tenant law doesn't mention minimum or maximum terms in ANY state. It's a landlord/tenant decision... Both of you are taking risks, and getting rewards for signing such a document... As a tenant, you are guaranteed how much your housing will cost for the next 5 years. He'll get a guaranteed tenant for the next 5 years...

But... 5 years is a LONG time for a tenant to commit to, and in Florida, if you default, he can sue you for the entire period left on your lease and he doesn't have to do ANYTHING to re-rent it. He's also gambling that rents won't increase during the next 5 years...

So, if you feel comfortable locking yourself in for 5 years, and you like the rent, do it. Otherwise, stay away.

excon

I don't see any term limit in FL statutes, unless I missed it. I have seen them in CA (2 year, I think).

I don't think it's in either party's interest to sign a 5 year rental. He should just offer you the same rent at the beginning of each new year and leave it at no increase because he's glad about you staying another year, rather than a decrease with long term expectations.
Think of all that can happen:
Changes in income/jobs on one side, changes in need to sell on the other.
There are many more (you marry and your spouse has a house, he gets very ill, he has a relative who needs a place) and some you can't even predict.

Quote:

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Originally Posted by excon

... and in Florida, if you default, he can sue you for the entire period left on your lease and he doesn't have to do ANYTHING to re-rent it. ...

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Yes, so if you do enter into a 5-year lease, be sure to put appropriate provisions in the lease modifying the rules that Excon mentioned.