Lease renewal and COVID-19

I have a tenant in a high end rental in Manhattan.

The lease renewal is 2 1/2 months out.

I’m new to the landlording business and I have some questions.

The tenants are a very well to do professional couple.

Should I email the tenant and ask if he wants to renew the lease or just send him a lease renewal?

– If I email the couple, I give them an opportunity to say yes but we want a reduction in rent or no increase at all.
– If I send a lease renewal, it feels more cut and dry. They either sign it and return it. Or they don’t.

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.

I know there’s not cut and dry solution in a situation like this. Interested in hearing thoughts on how others are handling this.

Thanks

decoart

in General Discussion 5 years and 6 months ago

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decoart | 5 years and 5 months ago

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I sent them a renewal at the same price. @No-permitz good call on not opening myself up to further negotiation.

yudashasom | 5 years and 6 months ago

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No increase, not now, and probably not for a while.

I wouldn’t just sent a general e-mail about how they are doing like cate suggested. That’s opening a conversation that will likely result in them “trying you.” If you want to send a renewal lease at the same rate, then yeah, of course say you hope they are well. But don’t ask otherwise – if there was a problem paying rent, they would have most likely let you know by now.

sixyearsandcounting | 5 years and 6 months ago

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agree with Cate – it establishes that you’re not stereotypically greedy landlord etc etc

lkrshacmzcy | 5 years and 6 months ago

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If they want a reduction, they will ask regardless if you reach out to them or not; even if they have not yet.

stuyheights | 5 years and 6 months ago

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agree with Cate

cate | 5 years and 6 months ago

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My two cents at the very least I wouldn’t ask for an increase. Also, rather than simply sending the contract, I might reach out and see how they are.