Inherited tenant lease renewal

[Rashad Ellis]

Irvington  NJ

Hello. I need some clarity on lease procedures for an inherited month to month tenant. Ive read up on New jersey landlor/tenant laws and truth in renting but im not clear if theres differences being the new owner. Tenant was month to month when i bought the property and I've decided i will keep her as she has been paying her rent on time, if not early. After closing she did express that she'd be willing to renew her lease, and I told her that rent would increase. Is renewal procedure and rent increase the same as if I was the original lessor? Is a renewal based on the old lease with revisions? Or can it be completely different? I will be increasing rent by $100-$200 and adding a more detailed rider.

[Nathan Gesner]

Quote from @Rashad Ellis:

You don't need to "terminate" the old lease; you just have to give at least 30 days notice of changes to the old lease, which would include creating a new lease.

My recommendation is a new lease with the terms you are comfortable with. The terms on the old lease do not matter. You can change the rent, continue on a month-to-month basis or lock them in for a year, add/remove terms, whatever.

There's a lot of free information online. For example: https://www.state.nj.us/dca/di...

Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them. It's updated every year and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.