Worried About Renewing Your Lease? Here’s what you should do.

Thinking that your landlord is not renewing your lease because you haven’t heard from him and what should you do about it? Don’t worry. The best action to take may be to do nothing.

UHH…what?

That is right – do nothing. Legally your landlord is required to send you a letter for lease renewal or state they will not be renewing.

Based on the Housing Stability and Tenant Protection act of 2019, if you have lived in your apartment less than one year, then landlords are required to give a 30 day notice if they are raising your rate more than 5 percent or not renewing the lease. For tenants living in the apartment more than one year, less than two, they have 60 days. For two years or more they have to give you a heads up 90 days before.

So why shouldn’t I say anything?

Say your landlord presents the notice to you on March 22, according to the 90-day requirement, the 90th day has to be at the end of the month, so if your landlord wants to terminate your lease or raise your rent, the tenancy wouldn’t be terminated until June 30th.

While landlords of market rate apartments have the right to raise the rent as much as they choose and find a new tenant (as long as they follow the parameters above), time is a big factor in this situation. And in this case, it’s on your side.

Waiting can buy you more time and if you hear from your landlord that he is raising the rent, try to negotiate. After all a lease is a contract between you and the landlord.

When looking to negotiate, be sure to mention these points:

You’re a quality tenant who pays the rent on time.
Your landlord won’t have any downtime with an empty apartment.
Your landlord will not need to hire a broker to find a new tenant.
Your landlord will not need to fix the place up to sell.

In essence, it costs the landlord more money to find a new tenant, than it is to negotiate with the existing tenant.

What happens if I never receive a notice of a lease renewal?

If you never receive a notice for lease renewal, you will automatically become a month-to-month tenant. While the landlord can ask you to leave at any moment, they still need to give you a letter stating they are terminating the agreement within the required time frame. Month-to-month can also be beneficial to you because it does give you the flexibility to leave anytime as well.

When it gets to this stage of the game, it’s helpful to chat with an experienced Renter’s Agent. We have a few that love to give advice, so get in touch!

_________________________________________________________________________

Ready to buy your own place? Download our free Buying Into Brooklyn Ebook to get a step-by-step guide on the buying process and decide if now is the right time for you.