Lease renewals and COVID-19

[Lyle Cooper]

I have a tenant in a high end rental in Manhattan.  The lease renewal is 3 months out.  The tenants are a VERY well to do professional couple.

Rental increase: Should I increase the rent by the customary 3%? Or just leave it the same. Pre COVID-19, I was planning on increasing the rent by 3%. Now I’m not so sure it’s a smart move.

Interested in hearing thoughts on how others are handling this.

Thanks