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Updated over 3 years ago,

User Stats

42
Posts
5
Votes
Cory Melious
Pro Member
  • Investor
  • Hunterdon County, NJ
5
Votes |
42
Posts

Tenant being relocated. Ending lease early. Anything I should kno

Cory Melious
Pro Member
  • Investor
  • Hunterdon County, NJ
Posted

Basically the title. I got an email that the tenant needs to relocate and needs to move at the start of the year. Their lease ends in July 2022. 

This is NYC, so it's impossible to keep them. They've given me enough notice at this point. 

They have offered to help in any way possible to facilitate their replacement. I think there's value in that, as they can facilitate in-person viewings, and answer questions of new tenants. I HATE the idea of having a new lease rollover during the holidays, which can be a real PITA in future leases.

Before I respond to them, I was wondering y'all's thoughts and/or suggestions.

  1. 1. I'd like them to find someone to take over their lease rather than start a new fresh one on Jan 1. That means their lease will still effectively renew in July instead of January.
  2. 2. If the replacements want to do an 18 mo instead of 6 that will be fine, so long as we can build in the rent increase into the renewal in July 2022.
  3. 3. The HOA's management co charges a $500 fee for new tenants. It's a ******** charge (I was on the board prior to moving out. It's literally just a money grab). Do you guys think it's reasonable for me to request that either the new tenants or the outgoing tenants cover this fee? It's stupid for me to have to absorb that fee considering their early departure.
  4. 4. I would DEFINITELY get credit checks on anyone they find. 

Are there any other considerations I should think about before I reach out to the outgoing tenants?

  1. Cory Melious
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