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Sweetheart Lease Agreement

Taking care of NYC real estate is the last thing I never want to do, but I have encountered cases where the rent of the apartment was exaggerated in the following scenario: the rent is inflated, say 20% per month (to facilitate math), but you get 3 months free on a one-year lease. Instead of just not paying for 3 months, on average those 3 months in your remaining payments to bring you back (give or take) market prices to give you your discount. In addition to reviving the so-called market, it allows them to over-rejuvenate people who do not accept the conditions offered. If you have 11 mos. or 13 mos. you will not have that agreement. I understand that this is often done to encourage tenants to sell their rentals at times favorable to the owner (for example.B. Not all at the same time, which overwhelms the staff) We`ve been living for almost a year in our 1BR apartment in NYC and it`s time to renew (or get off). It was in a large, but not luxurious, building in Manhattan.So they sent us renewal forms with the choice between another one-year lease at the same price as last year or a two-year lease at a slightly higher price. I contacted them and found out that the market for everything is pretty dry these days, and they agreed (via email) to offer me a one-year lease for about 10% less than what we were paying. They said they would send the updated forms, and I was happy.

Tonight I received the forms. .

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Teisha Rowland, PhD, is the author of this blog.

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