All Forum Posts by: Adam F.

Yup. Sucks a surprising amount. Combined with rents being soft due to so much new construction hitting the market. I had to lower rents on a recently renovated Heights 2br even late last spring from $1750 to $1650.

Even in October?

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Originally posted by @Joe Splitrock:

@Adam F. since you know they only want 6 months, I would remove the one year option. Just give them a rent increase for month to month flexibility. You get a little extra money to help compensate if vacancy happens in the winter.

Basically I’m thinking I’d rather find a new tenant this spring than in the winter. So they can decide not to renew for one year and I can find a new tenant now

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Originally posted by @Jason D.:

@Adam F. It whould be in poor taste to do that, if you know their intention was to leave and you locked them in so you could take them to court? Put yourself in their shoes....

I’m thinking it’s best to just be upfront with them. Tell them what could happen if they break the lease, and if they think they might then it may not be the best idea to renew but it’s up to them

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Originally posted by @Jason D.:

@Adam F. It whould be in poor taste to do that, if you know their intention was to leave and you locked them in so you could take them to court? Put yourself in their shoes....

Yeah I understand. I definitely don't want to take them to court, just trying to prevent a vacancy in the off season. I'd hope they'd understand I can't do less than a one year agreement, and so they'd decide not to renew their lease based on that.

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Originally posted by @Jason D.:

@Adam F. Why do they want a 6 month lease? It sounds like they may plan on leaving in 6 months. A year lease wont stop them from leaving in 6 months if they want to leave.

I would just do a month to month at this point and raise the rent.

I'm not exactly sure but I believe they want to buy a house. So it sounds like there's no way to prevent a vacancy in the off season in this situation?

Also, why wouldn't I just give the year lease because at that point, if they do break it, at least I'm entitled to some form of retribution by NJ law?

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Originally posted by @Jason D.:

@Adam F. Unfortunately, a tenant that is going to break a lease, is going to break a lease. The best thing you can do to prevent it, is have a rock solid screening process. Fees and lawsuits wont prevent it, since renters rarely have assets worth going after.

I have a good tenant who wants to renew, but asked if I'd do a 6 mo lease. I want to only offer them a year lease, but also protect myself against them potentially trying to leave after 6 mo since they alluded to the fact that they want to.

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I'm wondering the best way to protect myself against a tenant breaking a lease early in NJ. It is hard to fill a vacancy in the off-season.

Either I can add an Early Termination Fee to the lease, or add nothing and just rely on the law which I believe requires the tenant to pay the remainder of the term until the unit is re-rented. However, I've read that usually requires suing the tenant which I want to avoid.

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Originally posted by @Darren Sager:

The majority of people move seasonally from the spring up to end of August (I believe the numbers are close to 80%). Anytime you operate on a renewal basis outside of those times you'll generally get less in rent and have less applicants looking. Doesn't mean you won't fill the places. Most likely have a longer time on market so you're best to take advantage that NJ offers you a 90 day window on your tenant giving you notice for a renewal. Send out your renewal 120 days before the end of the lease, if you tenant doesn't commit to the renewal 90 days before the end of it, get it listed for rent. You have a quarter of a year to find a new tenant. Use it.

I have a tenant who asked for a 6 month lease starting this Spring, and I only want to offer them a year lease. However now that they've alluded to the fact that they want to stay for 6 months, I want to minimize the chance of them breaking the lease or me losing out on rent for vacant months.

Does it make more sense to include an Early Termination fee in my lease of 2 months rent, or to not mention early termination at all?

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Anyone have any experience filling vacancies in Jersey City in the Fall to Winter months? Is it really much harder?

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All Forum Posts by: Adam F.

Adam F. has started 22 posts and replied 59 times.

Post: Fall/winter Vacancy in Jersey City

Post: Best way to protect myself against a lease break in NJ

Post: Best way to protect myself against a lease break in NJ

Post: Best way to protect myself against a lease break in NJ

Post: Best way to protect myself against a lease break in NJ

Post: Best way to protect myself against a lease break in NJ

Post: Best way to protect myself against a lease break in NJ

Post: Fall/winter Vacancy in Jersey City

Post: Fall/winter Vacancy in Jersey City