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06.08.20, 17:29 PM General Topics
57 replies
My tenant who is leasing my apartment would like to pay a very reduced monthly amount (1/5 of rent) as he's now shelter in place with his gf. I totally get it but can't work with that amount. WWYD? He'd like to pay the reduced amount through end of year and pay normal amount in January. [ Reply | Watch | Flag ]
General Topics 06.08.20, 05:29 PM Flag
 

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is the lease expiring and this is a renewal negotiation? or he is mid lease? either way, I would not reduce. I am a landlord and plenty of people aren't paying rent or are breaking leases. but we haven't reduced the rent mid lease. and on renewals, only slightly to be nice [ Reply | More
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General Topics 06.08.20, 05:32 PM Flag
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Yes, expiring end of this month. He's saying that apt has become a luxury storage unit for him. I was thinking to offer a free month that he could spread over the next six months. [ Reply | More
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General Topics 06.08.20, 05:37 PM Flag
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np: Wait, so it's a storage unit for him because he no longer lives there and lives with his GF? Then he should move out at the end of this month. He can't just decide that his unit should be priced the same as a storage facility because he's not using it anymore. He should just rent a storage facility and move his stuff in there. 1/5th is an insane amount. [ Reply | More
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General Topics 06.08.20, 05:41 PM Flag
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op: Exactly, yet I don't want to lose the tenant. Should I make some concession to move this along? WWYD? [ Reply | More
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General Topics 06.08.20, 05:43 PM Flag
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He sounds like a problem, lose him and rent the place out a bit cheaper to someone else. I would never accept 1/5th, and it's easier to just find someone new (yes even now) without taking such a drastic reduction. [ Reply | More
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General Topics 06.08.20, 05:46 PM Flag
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no. it doesn't matter what he is using the apt for. [ Reply | More
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General Topics 06.08.20, 08:07 PM Flag
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you're going to lose him anyway in the long term if he's serious with this GF and in the meantime, it's as good as vacant. I bet you could find someone else to pay more than 1/5 before January. [ Reply | More
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General Topics 06.09.20, 12:05 AM Flag
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100% this. If I rent a place and decide to stay somewhere else that was my choice. It doesn't matter how someone uses the place they're renting. I can't go to my landlord and say "I know I agreed to $x, but now I only have my dog living there, this is now a doghouse, so I'm paying less." [ Reply | More
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General Topics 06.08.20, 05:44 PM Flag
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lol [ Reply | More
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General Topics 06.08.20, 06:29 PM Flag
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Then he should get a non-luxury storage unit and move out. It may be harder to find a tenant right now, but basically, with what he's proposing, then the place could sit empty for 4 months and you'd still be as well off in the 5th month. [ Reply | More
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General Topics 06.08.20, 05:51 PM Flag
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this [ Reply | More
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General Topics 06.08.20, 05:53 PM Flag
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exactly! [ Reply | More
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General Topics 06.08.20, 08:07 PM Flag
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Neither of them are working? [ Reply | More
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General Topics 06.08.20, 05:35 PM Flag
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op: both working [ Reply | More
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General Topics 06.08.20, 05:36 PM Flag
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Then he's taking advantage. [ Reply | More
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General Topics 06.08.20, 05:39 PM Flag
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If both working, why a reduction in rent? It wasn't your decision that he leave the apartment. I think he just needs to decide if he no longer wants the unit. Will you be sad to lose him as a tenant? [ Reply | More
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General Topics 06.08.20, 05:42 PM Flag
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He will not be the only good tenant out there. [ Reply | More
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General Topics 06.08.20, 06:14 PM Flag
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My rent is 3000. So this is like me saying to my landlord that I will now be paying $600. Is that right? Exactly how high is he? I agree with poster saying free month spread over 6 months. But honestly, I'd be fairly nervous about this tenant just deciding to stop paying and not leave. Should you switch him to month to month vs. resigning a new year? [ Reply | More
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General Topics 06.08.20, 05:43 PM Flag
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op: he's been great and trouble free for three years. I find this proposal to be out of sync. And yes, he's asking to pay 600 a month. That doesn't even cover monthly maintenance. [ Reply | More
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General Topics 06.08.20, 05:47 PM Flag
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Ridiculous. [ Reply | More
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General Topics 06.08.20, 05:50 PM Flag
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Woah, he is crazy. I think you can write back and say 'Hi Steve, thanks for reaching out. Unfortunately I cannot reduce the rent on the unit and still cover my expenses. Please let me know if you are planning on ending the lease and moving in permanently with your girlfriend and I will go ahead and list it. I'd love to have you continue on if you decide to stay as you've been a fantastic tenant.' [ Reply | More
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General Topics 06.08.20, 05:52 PM Flag
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This sounds really good (np). [ Reply | More
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General Topics 06.08.20, 05:56 PM Flag
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This responder I want to hire to do all my communications! [ Reply | More
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General Topics 06.08.20, 08:16 PM Flag
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Say no. [ Reply | More
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General Topics 06.08.20, 09:52 PM Flag
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Without putting the address or anything, can you tell us the price and location? Like is it west village 2 bedroom for X amount? If you give us that info, we can tell you vaguely how hard it might be to find a new tenant. A friend of mine owns a moving company and tons of people are moving. Some moving out of the city, but I'm sure some have leases ending and want new places. I would not reduce the rent at all. He has not had a financial hardship. I think I would tell him you plan to not increase the rent for this next year and if he wants to sign up for another year, you will give him a month free spread out over the next 12 months. I think that's MORE than generous - if you're willing to do that. You don't have to do anything. But he may be a very good tenant otherwise. His demands make me think opposite. [ Reply | More
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General Topics 06.08.20, 05:49 PM Flag
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op: Hm, yeah, so uncharacteristic. The apt is in SoHo. [ Reply | More
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General Topics 06.08.20, 06:13 PM Flag
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Could you rent out this unit as an airbnb or no? [ Reply | More
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General Topics 06.08.20, 05:53 PM Flag
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np -- no, illegal in nyc [ Reply | More
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General Topics 06.08.20, 08:00 PM Flag
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I logged in just to say "oh hell no." Talk about someone trying to take advantage. He must assume no one would want to rent the place but I don't agree. [ Reply | More
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General Topics 06.08.20, 05:59 PM Flag
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+1. I think that's what's extra shitty. He's clearly been there for a few years, so he likes the place. I'm sure he and his GF have discussed if they should lean down to one unit. The fact that his offer was to suggest he pay 20% of his rent is super insulting. Why on earth would you value that. It's honestly better to take a bargain that you'll lose one or two months rent and then rent to someone for 80% of what he's paying. Does he think you're stupid? [ Reply | More
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General Topics 06.08.20, 06:14 PM Flag
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op: I think he's young and over estimating the bargaining power due to the economic conditions. And totally agree, insulting. [ Reply | More
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General Topics 06.08.20, 06:17 PM Flag
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Ah, should we be employing the 'lord give me the confidence of a mediocre white man' phrase in this? Yeah, Soho places are incredibly popular and pricey. You'll find someone else. Maybe he thinks one day of looting fancy stores means you're desperate. You aren't. [ Reply | More
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General Topics 06.08.20, 06:24 PM Flag
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+1 [ Reply | More
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General Topics 06.08.20, 06:38 PM Flag
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op: haha! I didn't even think of it that way. I simply thought of the typical young 20's guy acting brash and overconfident as they can in NYC. [ Reply | More
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General Topics 06.08.20, 07:05 PM Flag
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agree. people are still renting now. I work in RE [ Reply | More
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General Topics 06.08.20, 08:24 PM Flag
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If he's still working and hasn't been laid off then no. [ Reply | More
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General Topics 06.08.20, 06:02 PM Flag
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I'll never understand people like this. Does he actually think you'd accept this offer - or is he just hoping you'd see 1/5 the rent and then meet him in the middle at 3/5's? What he could have done was to contact you and say 'Hey, I know I'm meant to re-up for the next year, but I'm pretty concerned I may get laid off. Would you consider reducing the rent a bit for the next lease period. Please let me know.' I bet you would have shaved off a couple hundred bucks. Over 12 months, that would have been a nice savings for him. Now...he will get booted. [ Reply | More
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General Topics 06.08.20, 06:16 PM Flag
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This in Manhattan? People are starting to look again. [ Reply | More
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General Topics 06.08.20, 06:35 PM Flag
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She said soho. [ Reply | More
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General Topics 06.08.20, 06:38 PM Flag
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He’s probably not coming back either way. Tell him what you can do or tell him he can use his security deposit as last months rent or go month to month at x,y,z with the understanding if the market picks up and he can’t pony up more you’ll have to find someone else. [ Reply | More
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General Topics 06.08.20, 06:57 PM Flag
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I had a similar issue recently: tenant wanted a rent reduction by 50% because they were staying with their parents in NJ. I said no but their lease was expiring soon. I actually found new tenants a month later paying full price. [ Reply | More
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General Topics 06.08.20, 07:18 PM Flag
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Are you somewhere where you can't evict tenants? one fifth is better than nothing. [ Reply | More
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General Topics 06.08.20, 08:40 PM Flag
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Wrong. She can't evict until August 20th, BUT ONLY IF HE CAN'T PAY, not if he just doesn't want to pay because he just wants the place for storage. When the executive order was extended, new language was added to prevent exactly the kind of BS this tenant is trying to pull. OP, if you have this in writing (email) you can absolutely evict in July. Tell him "thanks but no thanks" and that if he doesn't want to sign the renewal, you will put the apartment on the market. [ Reply | More
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General Topics 06.08.20, 09:02 PM Flag
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I’d also make that clause clear to him in the new legislation i.e. “tenants are only considered for exemption from eviction if they present evidence of significant financial hardship / job loss” (or whatever it states). Attach the actual document to your email. I bet you he stays and pays full after that. [ Reply | More
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General Topics 06.08.20, 09:11 PM Flag
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op: Here's an update - went back to him with concession to pay a couple of hundreds less a month for the remainder of year with lease renewal, no increase for remainder of lease. He turned it down and will be moving out. I think he came to with with such a ridiculous offer with the intention of moving out anyways. Ah, well. Onward! Thanks, everyone. [ Reply | More
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General Topics 06.08.20, 10:22 PM Flag
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I think you’re very unrealistic on the current market. There’s going to be a massive over supply of apartments and most property owners are offering major concessions including three months of free rent. You’d be better off having the apartment furnished so it will show Better and going month to month with some small amount from a good tenant to help with your costs. Based on the eviction moratoriums he could stay there indefinitely and not pay a dime. Instead he offered you a fair solution [ Reply | More
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General Topics 06.08.20, 10:34 PM Flag
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You are wrong about how the eviction moratorium works. And, as a small LL, I can tell you that people are looking for apartments and no one is going to have trouble renting an apartment in SoHo [ Reply | More
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General Topics 06.08.20, 10:58 PM Flag
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Zzzz [ Reply | More
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General Topics 06.09.20, 12:36 AM Flag
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+1. It's Soho. It will rent. [ Reply | More
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General Topics 06.09.20, 02:04 PM Flag
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1/5th is not fair, esp when it won't even cover maintenance. I know a good number of people moving right now (within NYC). No one, especially not in SoHo needs to rent for free or accept 1/5th. [ Reply | More
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General Topics 06.08.20, 11:42 PM Flag
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A fair solution? 20% of the current rent. Let's even say rents are coming down. That would be at most 10-20% down not 80% down. Get real! [ Reply | More
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General Topics 06.09.20, 01:59 AM Flag
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Current tenant? [ Reply | More
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General Topics 06.09.20, 12:59 PM Flag
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He's in his 20's and despite being fully employed, he could only offer up 20% of the rent as his 'compromise' offer. Something tells me his Ikea furniture is not going to rent this place. Also, she would then have to coordinate with him to show the place. As it is, she can post pics of it online and start the inquiries coming in. I would hate to have to coordinate showings around a person who was not even covering the maintenance charges. Not worth it. Plus, he can't win this one. He's incredibly entitled and needs to be clear on how the world works. [ Reply | More
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General Topics 06.09.20, 01:04 PM Flag
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1) In what world is 80% OFF RENT a fair solution? 3 months free is 25% off rent. What he is asking is 9.6 months free on a 12 month lease. 2) What data is there to support that furnished apartments rent better? This isn't buying a house where you want to display the functionality of the room. This is likely a box with two smaller boxes (bedroom and living room). In my rental days, furnished apartment pictures reeked of unprofessionalism. They were always the hallmark of small walk-ups, and they always looked disgusting (some hipster's bike hanging from the wall, cheap Ikea furnishings, clothes strewn about). 3) The eviction moratoriums only apply for financial hardship, not for people who don't feel like paying their rent because they aren't using the space anymore. [ Reply | More
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General Topics 06.09.20, 03:01 PM Flag
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op: I'm not new to this and I've reached out to my real estate partner who rents out my apartment. Known him for over 15 years and he's not out to make a deal. Here's my advice to you - know your worth. Being paid 600 for a 3000 rent isn't fair or right. This guy is gainfully employed and wants his cake and eat it, too. Great. Do that with someone else. Not me. Right now is peak moving season in the city and contrary to popular belief no, the city hasn't and won't be emptying out. Only those with deep pockets are temporarily moving out or moving out permanently because they have the down payment. No one is offering three months free rent. As a matter of fact, there are larger landlords who are raising rent. He did not offer me a fair solution and that you think that makes me wonder about you. [ Reply | More
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General Topics 06.09.20, 03:54 PM Flag
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OP, do you work through a broker to rent the apartment? We work with a broker and always ask her for advice about the market and even about tenant issues. She rents out an apartment herself in her own house, so has a lot of experience. We have built a relationship with her over the years. [ Reply | More
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General Topics 06.09.20, 06:04 PM Flag
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op: yes, see my comment above. I didn't make this decision rashly. [ Reply | More
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General Topics 06.09.20, 06:28 PM Flag
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