Sandy, Home Buyer in Ridgewood, NJ

I own an apartment in West New York Riviera Towers studio. I have a tenant since 09/2004 and charge her

Asked by Sandy, Ridgewood, NJ Mon Apr 28, 2008

$1080/mo for the last 2 years. I was suppose to renew lease with her last Sept. but I was so busy and totally forgot about it. The Board finally mail me the paper work. She is an excellent tenant, always pays her bills on time, I feel bad to raise the rent. However, at the same time, my maintenance fee went up and they also charge me $50.00 to renew the lase with the tenant. What will be appropriate thing to do?

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3
Mike, , New York, NY
Fri Aug 8, 2008
CHARGE HER THE ADDITIONAL FUNDS IN RENT!! That is no such a large amount to pass onto the consumer. Call your friend Mike in NYC for the answer. Good luck!
0 votes
Sharon Kozinn, Agent, Hillsdale, NJ
Mon Apr 28, 2008
Sandy,
You need to do what is right for you and your situation,financially. Most tenants expect a rent increase annually as part of their lease renewal, so it won't be unexpected. A great tenant is hard to find, so you know the value of that, so you need to make the finances work out for both of you.
Best of luck.
Sharon Kozinn
Web Reference:  http://www.sharonkozinn.com
0 votes
Zack, , Westchester County, NY
Mon Apr 28, 2008
I was a tenant for 4+ years and tenants expect rent increases. We know its coming, so you're best bet is to send her a letter, or call her if you're friendly and let her know that her lease renewal is coming up and that the building maintenance has increased so rent will be increasing. If you want to be very nice, you can give her a couple of months grace period but renters understand this. As long as your rent is still fair for the area, the renters should not have problems with the increase.
0 votes
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