Updated almost 7 years ago on . Most recent reply
Requesting End of Lease Termination Advice
Bottom line up front: I socialized a rent increase and tenant paid utilities and renters seem to not want to renew, but keep delaying giving a final decision. Assuming the tenants move out I have a little less than 2 months to find new tenants before the property is less appealing (i.e. beginning of Fall semester). Should I:
1) Be cold and enforce the move out date as the end of lease date (July 31) causing stress to tenant abroad and tenants taking summer school exams,
2) Allow tenants to stay requested 9 additional days (August 9) at higher prorated rent which gives me a 1.5 weeks to turn the property over, or
3) Do something else?
Background:
I just purchased a rental property 2 blocks from a university and notified the student tenants I was increase rent and making them pay utilities (driven by market comps) in the new lease. They've taken 3 weeks to respond to me, and are now taking summer school classes and traveling.
The start of the Fall semester is August 20, and I imagine most searching for a rental got one after the end of the Spring semester, so there is a risk of vacancy, but not high given the property is 2 blocks from the school.
Thanks,
Nick the new Landlord