Rental property question

[Manhattan]

Lease ends at end of month but tenant wants to stay an additional week. They've given plenty of advance notice. How would you deal with this? They've been great renters so I don't wanna kick them to the curb but it will be tough to rent the place out 1 week into a new month. Perhaps someone could start a landlord/tenant thread for these random questions.

[max_boost]

It's up to you man. Some people care about the bottom dollar and some are super accommodating.

[you&me]

Originally posted by Manhattan
Lease ends at end of month but tenant wants to stay an additional week. They've given plenty of advance notice. How would you deal with this? They've been great renters so I don't wanna kick them to the curb but it will be tough to rent the place out 1 week into a new month. Perhaps someone could start a landlord/tenant thread for these random questions.

Do you have any prospective renters lined up for the first of the month?

My understanding is that the current rental market isn't exactly on fire, which plays into your situation in two ways; the chances of you securing another qualified tenant for the first of the month might be slim, so no harm in letting them stay. On the flip side, if you do find a well-qualified tenant in this market, you don't want to jeopardize that by accommodating someone that's on their way out.

[Manhattan]

Originally posted by you&me
Do you have any prospective renters lined up for the first of the month?

My understanding is that the current rental market isn't exactly on fire, which plays into your situation in two ways; the chances of you securing another qualified tenant for the first of the month might be slim, so no harm in letting them stay. On the flip side, if you do find a well-qualified tenant in this market, you don't want to jeopardize that by accommodating someone that's on their way out.

No renters lined up yet but it's a great location. I'm leaning on letting them stay but do I just charge a prorated rate based on the rent? I'll be kicking myself if there's plenty of interest for beginning of the month.

[88CRX]

No favors or freebees.... ever. Its a business transaction not a friendship. Every single time I've ever given an inch the renter tries to take a mile.

Be fair. Pro-rate their monthly rent divided by days in the month times by how many days they are staying.

[Feruk]

How's that fair? The tenant is hurting his chances of getting a full monthly rent. If it was me, I'd charge for the month.

[Disoblige]

Maybe go half of the rent if you want to be fair (to offset some of the risk that you may have interest in the beginning of the month).

[Kloubek]

I can see it both ways. It would be a nice gesture to give them that week in thanks for being great tenants, but it does limit your ability to rent for the month.

As far as I know, the rental market isn't what it used to be and some landlords are having difficulty getting a good selection of prospective renters these days. You say you have a great location, so that might not affect you. But if it does, a partial free month with the signing of a lease could be that deciding factor to attract the additional interest required to get your pick of tenants going forward. And if so, the difference between a good renter and a shitty renter is well worth the partial month of rent.

[sabad66]

pro-rate it for the week + add $200 or so, and then in the listing you can give a discount for the first month to the new renters since it would be a short month. also make it clear to the tenant that you might show the place.

[sputnik]

Meet in the middle.

Half of the month.

[Xtrema]

Originally posted by sabad66
pro-rate it for the week + add $200 or so, and then in the listing you can give a discount for the first month to the new renters since it would be a short month. also make it clear to the tenant that you might show the place.

This is how I would play it.

And yes, rental market isn't on fire. One of my tenants just moved to Vancouver since job market sucks here.

[roopi]

I'd charge 1/2 month rent to do this. They should have no problem with this and understand.

[pheoxs]

Id charge half to them and offer free early move in mid month to entice new tenants since there seems to be lots of places offering incentives to fill properties at the moment

[zhao]

Originally posted by Manhattan
Lease ends at end of month but tenant wants to stay an additional week. They've given plenty of advance notice. How would you deal with this? They've been great renters so I don't wanna kick them to the curb but it will be tough to rent the place out 1 week into a new month. Perhaps someone could start a landlord/tenant thread for these random questions.

if their tenant agreement is expiring, have them sign a new one for a week or whatever. DO not let them stay there for a week without an official agreement as they will now default to being month to month tenants, which imo is a landlord's nightmare.

Will they move out after that week without it? probably right? But why risk it...

[Seth1968]

They've given you plenty of advanced notice, so they had an alternative set. Yet, they want to stay another week.

It would be interesting to know why they asked for the extra week.

Maybe it's just me, but I'm smelling problems.

[AndyL]

I know some units I've been looking at lately - aren't available on 1st - because landlord is doing paint/carpets/repairs while labour is cheap...

I gotta start looking at doing this with mine...and time to clean / not 1day move...

[ryanallan]

renters usually don't want to pay for a week because they dont have the money. they usually are willing to compromise with some yard work or damage repair though. maybe ask them to paint the suite or something like that if they want to stay.

[Sugarphreak]

...

[timdog]

i know this is a bit late but i have a similar situation but sort of the opposite. current tenants moving out on the last day of the month, but a new tenant we found that we really like and is a good fit for the condo wasnt ready to move in until 1 month later. we worked out a deal where we asked them to pay half month rent to secure the place and we will hand over the keys on the 15th so they can slowly move themselves in. then, we utilize those 15 days of vacancy to paint, fix issues, change a couple light fixtures, etc.

if your previous tenants were in there for more than a few years, its good to have some vacancy in between for repairs, cleaning, painting, etc. in my experience there may be repairs required that you didnt even know. my last tenants just lived without a working washer/dryer for a year without even telling me (they used the laundry room in the building).

[Rocket1k78]

Originally posted by pheoxs
Id charge half to them and offer free early move in mid month to entice new tenants since there seems to be lots of places offering incentives to fill properties at the moment

Genius idea right here!

The rental market is beyond garbage right now and if you dont have a person lined up already id chalk up july as a loss so getting half the rent is better than none. You could always do a term starting on the 15 of each month if you found a person. Even if you did have someone want it for july 1st do you really want a person looking for a last minute rental?

Originally posted by Sugarphreak
If there were no incoming tenants lined up, I don't see the harm in letting them stay a week. I wouldn't even charge them, just ask that they spend some time to clean up the place nicely instead.

That is just me though

Now it makes sense why you might be considering that "we buy your house if it doesn't sell deal" You like to give away money

I'm gonna take a shot in the dark and say you're not a LL If you are then I apologize and props to you for never being burned. Ask most LL's and i'd bet the majority have been burned when being too nice.