Tenants win housing lottery

My good tenants won a housing lottery and gave me 10 days notice.  Now they are asking about their security deposit.  Their renewal lease started Nov. 1st and they paid me for this month.  I’m glad to release them from the lease (rent stabilized apartment) but its impossible to rent the apartment by the first of December (short notice, holiday weekend, November) .  What do the good people on Brownstoner think?  I think the security deposit gets forfeited for lack of a 30 day notice.   I can’t believe that these dirt balls (management company) would give the lottery winners like 5 days notice before they start their new leases (leases start on Nov 23rd).  i mean they are going to save $650 a month in rent but still….

tsarina

in Landlord 13 years and 6 months ago

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anonymous | 13 years and 6 months ago

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Great thing is they are moving out and asking their deposit only.I’ve heard owners offering these type of tenant some amount of money to move out and new tenant will pay more than older tenant.Don’t even ask any part of deposit let them move out and have a written agreemment that they are moving out for their own interest.where is the apartment? you may get another tenant within short time.

thatwasmyidea | 13 years and 6 months ago

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when they signed the lease, didn’t they pay last month’s rent. either way, i could be wrong but isn’t it illegal to use security deposit for rent? You could tell them they are responsible for the lease until you find new tenants.

ejalbk | 13 years and 6 months ago

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One thing being overlooked is that the owner here is not going to be able to get top dollar for the rental at this time of year as nobody wants to move in December. As such, although the rent may be higher than it was with current tenants, it won’t be as high as it could be if they left when their last lease expired. As such, landlord may be karmically entitled to withhold some of the deposit.

slopegirl | 13 years and 6 months ago

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You have 30 days to return the deposit dont you? Why not see if you can get tenants in for part of the month and pro-rate refund of the deposit based on that? If you’re renting it as “available immediately” it might not take 30 days to get someone moved in.

Snezan | 13 years and 6 months ago

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if they’re rent stabilized tenants, return their security deposit. Like someone else said, they could leave their stuff in the apartment and you could be liable for their effects!!

Crownlfc | 13 years and 6 months ago

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I don’t know why you are blaming the management company, why would they care when your tenant’s lease were up? You have no obligation to let them out of a lease. If both you and they agree to forfeit their security to do so, get in writing and move on. If, as you say, the apt is rent-stabilized and is good value, you should have relative confidence that you can get someone in a month, even this time of year as vacancy rates are low.

CommodoreStephenDecatur | 13 years and 6 months ago

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You said they’re good tenants. Do yourself a karmic favor and give them their deposit (if all is well with the premises) and your best wishes and start vetting new tenants.

bobjohn | 13 years and 6 months ago

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we are talking about rent stabilized appartment!!! I would forget the security deposit just to see them gone. or put it this way: if they will feel vendetful, they will change their mind and just leave their stuff in your place for a few months.

starfish11040 | 13 years and 6 months ago

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This is an easy one. Unless they come up with a satisfactory tenant for Dec. 1 the security deposit is yours.