Raise Rent for Tenant Paying Less Than Lease

[Rob Stein]

I am hopefully going to get a duplex under contract next week in New Jersey, each unit already has tenants on current leases. In one unit, the rent is 2,200 a month on the lease, which the tenant was paying, but lost his job and the current landlord is allowing him to pay 1,800 a month, as an informal agreement between current landlord and tenant. My question is, if I take over the property, should I wait until lease renewal in November to ask for the 2,200 a month, or sooner? 

My thoughts are I'd rather not start off with an eviction, but don't want to go 8 months with such significantly reduced rates. Perhaps a discussion with the tenant, giving him a timeline to start paying the lease terms, or to move, giving me lead time to find a new tenant. 

I'm not sure of the legalities of doing this, waiting to hear back from my attorney but wondering if anyone here has any thoughts. Thank you very much!