Cash For Keys is NEVER the right decision!

[Andrea Coulter]

I am a small landlord in Upstate New York. I have a tenant that has not paid me since December of 2019. In 3 Days it will be 13 months that she has not paid and yet my state will not let me evict her for possibly another 5 months? Maybe longer? I started the eviction January of 2020 PRE-COVID. In March, I was 2 weeks from a final court appearance for eviction when COVID happened then, EVERYTHING was halted. As of today, I still will not even consider offering cash for keys! Why? Because it is helping to promote a mentality among tenants that will not correct itself. It must be fought! I will be taking my losses, learning my lesson and moving on with dignity. A little wiser, a little more diligent and a whole lot more cautious on who I rent to in the future. A tenant that does not pay rent and is then given cash for keys will most certainly do the same thing to the next landlord...and the next...and the next. It is a mentality that is unacceptable and more contagious than COVID itself! The mentality hurts the current landlord, future landlords and most importantly it hurts the good tenants that DO pay on time, by creating more risk in the marketplace, inevitably raising rents. Please landlords, think about the 2nd & 3rd order consequences of Cash for Keys. 

[Evan Polaski]

@Andrea Coulter I agree whole heartedly in principle. But what I have found is quite frequently doing something on principle or assuming you are teaching someone a lesson is frequently both a Bad business decision and not going to teach this tenant any lessons at all.

thorough tenant screenings and strict, consistent standards are a must. Because of this I only have ever had to post notice of eviction on one door in 10 years, and that was discussed ahead of time and tenant moved out voluntarily.

But to take the stance of “I will not reward bad behavior” when it has now costed you 13+ months of rent, is only hurting yourself, not the tenant.