Lease Renewals During Lockdown

I have a 3-family 421-a investment property with 3 x 3 bedroom apartments. Each lease is rent-stabilized for the next 14 years–right now roughly at/ or slightly below market value. (Pre-Virus) My tenants for the most part are youngish roommates, so each one has their own story. I want to be sensitive to everything going on without without cutting rents unless someone actually needs the help. Of course, to reach out and say, “Hey, do you need to pay less rent?” seems a little naive…. I did reach out to every one early on with a “let me know if there is anything I can do to help.”

I am writing new (stabilized) leases now, and feel a little bad about just giving the new lease with rent increases without some acknowledgement of what is going on. (With the new rent stabilization laws, giving preferential rent can have repercussions for years to come, including vacancy leases.)

Any thoughts on how to delicately balance this?

webby1000

in General Discussion 5 years and 2 months ago

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resident2 | 5 years and 2 months ago

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You are running a business, keep your paperwork straight. Do not make open offers before a tenant has even asked. Deal with individual situations as they come; but do not be a sucker.
Remember you are not their friend, parent or banker.
Your job is to protect your property for everyone in your building. Not loose it to a Bank that will eventually throw everyone out or sell it on to Vultures.

yudashasom | 5 years and 2 months ago

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Always give stabilized tenants an increase.

GreenThinker | 5 years and 2 months ago

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A rent freeze will most likely happen, evictions are already frozen. If you’re legally required to provide leases and can increase rent, I would, at least your paper work will be in order.