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March 11, 2008
question for landlords
Renting a floorthough apt in my private brownstone. Potential tenant wants a 3 year lease from the start. Would you give a 3 year lease to a new tenant or should i start off with a 1 year and take it from there once the tenant has proven to be a good one?
Comments
The answer is no. Give him a one-year lease, and if he's a good tenant, consider a two-year renewal.
Posted by: tinarina at March 11, 2008 10:12 AM
Never
No two year either
Just one year
Posted by: guest at March 11, 2008 10:16 AM
again -have to agree - just a 1 year lease!!!
Posted by: gemini10 at March 11, 2008 10:55 AM
I'm not a landlord, but I thought that according to nyc law if the tenant requests a two-year lease that the landlord has to agree. Laws aside, three years sounds like a terrible idea...and I'm speaking as a renter!
Posted by: guest at March 11, 2008 12:17 PM
Who the fuck is the tenant to demand what kind of lease he/she wants? You can find another tenant in a heartbeat if they don't take it. No way should you give a 3-year from the get-go. No way.
Posted by: guest at March 11, 2008 12:17 PM
12:17 here. Not trying to cause trouble, but it's always good to know the laws. The tenant might and then you could get in unwanted trouble by ignoring them.
Posted by: guest at March 11, 2008 12:23 PM
to 12:17:
only rent stablized buildings have to offer a 1or 2 year lease.. free market units have no such requirements.
Posted by: owner12 at March 11, 2008 1:00 PM
You never know what the future holds, and if you had to sell your house you don't want to have to tell buyers there's a tenant with a 3-year lease in the house.
Nobody gets a 3-year lease in NYC. It's strange to even ask for that IMO. I didn't move here years ago and go around asking even for a 2-year lease. I assumed everyone only got 1-year leases.
Posted by: guest at March 11, 2008 1:36 PM
I would give a 3 year lease only if I can do a thorough credit report which includes criminal background check.
A letter verifying income with a long term employer.
No pets.
2 months security and 1 months rent with a certified check.
If the potential tenant is from overseas I would request one year rent payable in advance with a certified check.
Do it yearly until the lease expires
Keep in mind if you have a mortgage this system might be ok with you because you can budget and plan.
About selling the property, if the rent is high enough the future owner migh go wth the tenant.
It is unregulated income.
Posted by: Ysabelle at March 11, 2008 2:04 PM
Grain of salt with Ysabelle's advice though, she's a bit of a socialist and always on the side of tenants.
Nobody gives a 3 year lease. Nobody. You shouldn't be so desperate you have to accept a tenant's demands for a 3 year lease.
Posted by: guest at March 11, 2008 2:24 PM
I know i am just echoing what most of the others have said but don't give anyone a 3 year lease. You don't know if they are good or bad tenant until they move in and even then--circumstances can change during the course of a tenancy (i.e they could lose their job, they could go crazy, etc.)
Posted by: HomeSweetstuy at March 11, 2008 3:03 PM
I usually give a month to month lease and after a year if everything works out THEN give the tenant the option of 1 or more years.
Posted by: guest at March 11, 2008 4:01 PM
Ysabelle,
what is unregulated income? Meaning that the apartment is not rent regulated?
You must report rental income on taxes.
confused.
Posted by: guest at March 11, 2008 4:03 PM
to guest 4:03pm
Sorry for the confusion.
I meant that the apartment is free market rate and the potential new owner can raise it to any amount.
Yes all rental income has to be reported on your tax filing.
Posted by: Ysabelle at March 12, 2008 12:27 AM
Watch the movie Pacific Heights and beware.
Posted by: guest at March 12, 2008 12:53 AM
There's a new one born every day...
Posted by: guest at March 12, 2008 6:38 AM
ha, 99% of the time you hear about tenants wanting to get OUT of leases, so beware the tenant who asks for a 3-year committment! not necessarily so, this could be a good person with a solid job who loves the apt and doesn't want anything to jeopardize it. however they obviously need to prove themselves such during their first year. once they get tenure, then you can talk about a longer-term lease.
Posted by: Jimmy Legs at March 12, 2008 11:30 AM
Don't give a three year lease. I had a tenant with great credit and a solid job, but the couple was STINKY and refused to use the alarm system. When the apt. was burglarized they tried to get us to put in a claim to our insurance company. They totally destroyed the wood floors and the glass top stove. You never know what you will get. They we in their 60's too! The husband was a surgeon!
Posted by: guest at March 13, 2008 2:21 PM
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