Author Topic: End of 2-yr lease  (Read 1334 times)

FiguringItOut

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End of 2-yr lease
« on: May 01, 2017, 09:06:13 AM »
My 2-yr rental lease is going to end on June 14th.

So far I haven't received any communication from landlord regarding rent increase after June 14th.
I checked my lease agreement and there is nothing about increases or tenant notification.

If my landlord will not contact me before lease end regarding rent increase and signing new lease does that mean that I will go on the month-to-month lease? What are pros-cons of this for me?

If landlord decides to increase rent how far in advance should I expect to receive a notice? 
I'm not planning on moving and will probably stay here for another 5-6 years.

The landlord is long distance.  The other tenants in the buildings (2-plex, I'm on the second floor) manage the place for landlord and take care of my minor issues if I need their help.  I've never met the landlord, only communicated with them briefly in the beginning of my lease 2 yrs ago regarding some issues while the other family was away on vacation for a month.  I pay my rent via Chase Quickpay transfer to landlord's child (at their request, I have emails).


bigalsmith101

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Re: End of 2-yr lease
« Reply #1 on: May 01, 2017, 10:58:27 AM »
Initiate the conversation yourself. YOU can ask for an updated lease, for the time period you desire.

If you think rental rate increases are likely in the future, and you're happy where you are, ask for another 2yr lease, etc.

Start the communication and I bet you'll find everything works out fine.

FiguringItOut

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Re: End of 2-yr lease
« Reply #2 on: May 02, 2017, 09:05:55 AM »
Initiate the conversation yourself. YOU can ask for an updated lease, for the time period you desire.

If you think rental rate increases are likely in the future, and you're happy where you are, ask for another 2yr lease, etc.

Start the communication and I bet you'll find everything works out fine.

That's the thing, I have a feeling that they may not be raising my rent this year.  Which is just fine with me considering ridiculous high rent I'm paying already since this is NYC.  I don't want to trigger an increase by contacting them if they weren't planning to increase the rent.

I just want to know what are pro's and con's of potential month-to-month arrangement.




bigalsmith101

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Re: End of 2-yr lease
« Reply #3 on: May 03, 2017, 12:23:29 AM »
That's the thing, I have a feeling that they may not be raising my rent this year.  Which is just fine with me considering ridiculous high rent I'm paying already since this is NYC.  I don't want to trigger an increase by contacting them if they weren't planning to increase the rent.

I just want to know what are pro's and con's of potential month-to-month arrangement.

I can understand that desire to remain "under the radar". The obvious con is that when you move month-to-month, the time frame in which they initiate a rental increase is much more variable than when you have a fixed lease. It may be worth it to pay a slightly higher rate for the security of a 2yr lease if they'll agree. You may even get into another 2yr lease with no increase in rent... Tricky situation.

Fishingmn

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Re: End of 2-yr lease
« Reply #4 on: May 03, 2017, 08:09:30 AM »
Also, keep in mind if you do move to month to month that means that they can just give you 30 day notice to terminate the lease as well. Maybe they have a friend or relative that wants to move in - you're SOL.

I'd be proactive, especially given that you want to stay there long term.

checkedoutat39

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Re: End of 2-yr lease
« Reply #5 on: May 03, 2017, 11:04:03 AM »
Initiate the conversation yourself. YOU can ask for an updated lease, for the time period you desire.

I would not do this, partly based on my own experience.

Read up on state/city tenant law. In some places the window has already passed for raising your rent effective June 14. Once May 14 or 15 passes, LL's next opportunity may pass to July. Of course this is a two-way street and you are obligated to pay the rent for the extra month.

Then if LL comes to you on, say, June 1 asking you for an increase that sounds high, let him know your understanding of law and from this negotiate. "I understand I'm in until August 14 at the same rent, but how about we go two years from June 14 with a $25 increase [instead of the $50 you want]?"

In any event, most places in the US work on AT LEAST one-month lead times when everything is factored in, LLs hate turnover and Newton's First Law says inertia governs most things. You want intertia (want to stay there), so you are in the position of strength.

It only sounds scary if you haven't tried it.

FiguringItOut

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Re: End of 2-yr lease
« Reply #6 on: May 03, 2017, 11:24:42 AM »
Initiate the conversation yourself. YOU can ask for an updated lease, for the time period you desire.

I would not do this, partly based on my own experience.

Read up on state/city tenant law. In some places the window has already passed for raising your rent effective June 14. Once May 14 or 15 passes, LL's next opportunity may pass to July. Of course this is a two-way street and you are obligated to pay the rent for the extra month.

Then if LL comes to you on, say, June 1 asking you for an increase that sounds high, let him know your understanding of law and from this negotiate. "I understand I'm in until August 14 at the same rent, but how about we go two years from June 14 with a $25 increase [instead of the $50 you want]?"

In any event, most places in the US work on AT LEAST one-month lead times when everything is factored in, LLs hate turnover and Newton's First Law says inertia governs most things. You want intertia (want to stay there), so you are in the position of strength.

It only sounds scary if you haven't tried it.

Haha, I love it. Yes to inertia!

I've only had one other rental experience when I rented my first apartment out of college.  They promptly increased my rent every two years and I had new lease. I was there for 5 years.  They also let me out of my lease when I left with no problems or questions whatsoever as by then my rent was below market and they could re-rent it for more.  It was a 24-unit apartment building.

After that I rented apartment from my parents in one of their 4-plexes.  So no official lease or increases.  However, my parents very rarely increase rent for their tenants and usually went to month-to-month or renewed lease at the same  price point.
 
Right now I am in a 2-plex.  I found out yesterday that tenant before me lived there for 8 years and moved out because there were ongoing issues with roof leaking that landlord wasn't fixing properly.  However, I've been here for almost 2 years now and haven't had any issues at all.  They did a major remodel before I moved in.  Found out yesterday by talking to a neighbor. This neighbor also said that landlord, who I've never actually met, is very hand's off and doesn't want to deal with the house much.  So any vacancy would be a major hassle to them.  All this tells me that I am not likely to hear from them regarding new lease or increase, but one never knows.