Question for LANDLORDS?

Question

I am a new landlord in New York State. I have a lease with my tenants which expires at the end of the year; 12-31-08.

The tenants are great tenants and I want to keep them. I would like to renew their lease for another year when their lease expires at the end of the year.

My question is this: When can I ask them to sign a lease renewal and renew for another year? Can I ask them to sign a new lease on August 1st , for example, when their lease does not expire until December 31st?

Thanks

Answer 1

h**l yeah!  everything is negotiable, they maybe willing to do just that!

Answer 2

NOPE !! You should wait until about November 15th and send them a certified lettter reminding them that their lease will expire on Dec.31st 2008 .... AND; that if they wish to continue renting there that they need to contact you and set up an appointment to sign a new lease agreement.

If you have not heard from them in about ten days ..you should call asn ask what their intentions are ....

IF they are going to move; then they need to send you a notice in writting ; so you can begin advertising the rental again ....

IF they are going to stay; then you need to make sure that you get a new lease signed BEFORE Dec. 31st 2008 ....

Answer 3

You can ask any time you like. You'll get best results if you time it right. You do realize that state and local law dictates what happens at the end of your lease. Typically the rent terms change to monthly. And if you want to make them move out you must give them proper notice.

How soon you have them sign depends on how lenient you are on terminating the new lease, should things change between now and January 1. There's still a lot of time before December, so you must believe that if they sign now you'll have them locked in for another year.

If you were tenant, what incentive would you have to sign next year's lease 4 months early, especially given the state of the economy? Are you offering to lock in the present rent amount? What benefit is there for the tenant?

Since you have a good tenant, why not let it become a month-to-month lease? That way, your tenant gets a little benefit (the benefit of flexibility) and you have made them happy at no cost to you. And you could even charge a little more for that privilege.

I suggest you approach them in mid-November, and tell them what the new rent amount will be. Offer a long-term lease or a monthly lease. Consider it a negotiation, and should they choose not to stay, you'll have 6 weeks to prepare for finding the next renter.

Answer 4

you can ask them at anytime if they wish to renew there lease dont forget if you want to bump up the rent to inform the renters of the increase

Answer 5

You are describing a situation where you and the tenants are "negotiating".  You can do that at any time.  You could tell them "I know that August seems early to renew; but i will offer you a $20 discount monthly if you decide today".  That isn't pressuring them.  If they say no, it's ok.

As a landlord i am worried about this.  Tenants are transient. That's why they are tenants.  You want nice tenants.  You want stability.  That's why you want to keep them.  But all your efforts are wasted if they tell you in January that they have accepted job offers out of state and are calling you from their car- they've moved out.  That is real life.

So don't be too anxious.  Watch and see how things sort themselves out.

Answer 6

I'm not a LL, but I am a long term renter.

This is what my renewal says....(I'm looking right at it)

present lease began... nov 1, 07

expires... oct 31, 08

If you do not intend in renewing your lease, written notification is required by Aug 15th 2008.

So I have to let them know what I'm doing by Aug 15th, if I choose to leave I have till Oct 31st to be out. And I recieved that a couple weeks ago, they gave me ample time to decide.

hope that helps!