Lease renewals and COVID-19
I have a tenant in a high end rental in Manhattan. The lease renewal is 3 months out. The tenants are a VERY well to do professional couple.
Rental increase: Should I increase the rent by the customary 3%? Or just leave it the same. Pre COVID-19, I was planning on increasing the rent by 3%. Now I’m not so sure it’s a smart move.
Interested in hearing thoughts on how others are handling this.
Thanks
I would increase if that's the normal market rent for the property. You still have a business to run.
The rent is market rent for pre-COVID 19. And b/f COVID-19 rents were up in my particular area. Now I'm worried if I raise the rent, the tenants may walk. Not sure.
Do any landlords in NYC, particularly Manhattan have a feel for how rents have adjusted in the last month or so?