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Updated over 5 years ago on . Most recent reply

“Hold Over Amount” ?
So Im a new landlord and I’m generating a brand new lease agreement but have no idea what “Hold Over Amount” means in the contract? Could someone please explain.
Thanks!
Most Popular Reply

- Real Estate Broker
- Cody, WY
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Tenant is supposed to move out September 30th but doesn't move out until October 3rd. This means the tenant is a "holdover" for three days of October. Because this holdover can affect you and any incoming Tenant, there should be a penalty in the lease.
My lease states they will be charged 3x the ordinary monthly rent, prorated per day, continuing through the day the property is returned to me. Example:
Rent is $1,000 a month. I multiply that times three and then divide by the number of days in the month to create a daily holdover fee:
$1,000 x 3 = $3,000
$3,000 / 31 = $96.77
$96.77 x 3 days = $290.31
- Nathan Gesner
