When tenant`s wife/husband dies

[Nir]

Hi,

Should a landlord prepare a new lease when tenant`s wife or husband unfortunately dies and partner stays in the unit
OR
are the conditions as well as rent amount remain the same as they were when couple lived in the unit?

(I`m guessing I do not need a new lease and the old one is still valid. BTW he`s month to month)

Lastly, do you think a reduction in rent is expected following such an event? same apartment but expenses are lower.
sorry for being so business oriented, just trying to understand what investors here think about helping the tenant this way.

Thanks & Regards

 

[housingrental]

Don`t reduce rent
If tenant agreeable get them signed up. If you`d be expecting to increase rent after first 12 months of original term then include higher rate in new lease if tenant agreeable.

 

[Nir]

Hi Adam, I`m a bit surprised you recommend (attempting to) increase the rent sooner than planned (if planned) after such an event(!)

leaving rent the same - maybe.

using the opportunity to increase the rent sooner - just doesn`t sound right.

Thanks,
Neil

 

[housingrental]

Err my wording might have been a bit awkward (seems OK to me )
What I`m trying to say is if lets say current tenant has been in property over 1 year and rent hasn`t been raised in the last 12 months. Owner might want to be raising rent soon anyways. Owner might not want to sign new 12 month contract at same price as current which would be lower than potential. Ie get person signed on lease. Get rate for lease appropriate.

QUOTE (investmart @ Feb 1 2010, 06:00 PM) Hi Adam, I`m a bit surprised you recommend (attempting to) increase the rent sooner than planned (if planned) after such an event(!)

leaving rent the same - maybe.

using the opportunity to increase the rent sooner - just doesn`t sound right.

Thanks,
Neil

 

[Nir]

Thanks Adam,

yes, that`s what I thought you said. again, not sure about increasing rent earlier. however, what I did learn/conclude from your response (indirectly) is that probably 99% also do not reduce rent.

Regards, Neil

 

[housingrental]

Yes. Why reduce rent?
I`ve never been sent a cheque for 5% more when a tenant got a pay raise. Or won big on betting on a hockey game.

Purchase a gift basket if you feel the need. Or a gift certificate towards a casket : )


QUOTE (investmart @ Feb 3 2010, 09:12 AM) Thanks Adam,

yes, that`s what I thought you said. again, not sure about increasing rent earlier. however, what I did learn/conclude from your response (indirectly) is that probably 99% also do not reduce rent.

Regards, Neil

 

[koop]

QUOTE (investmart @ Feb 1 2010, 01:21 PM) Hi,

Should a landlord prepare a new lease when tenant`s wife or husband unfortunately dies and partner stays in the unit
OR
are the conditions as well as rent amount remain the same as they were when couple lived in the unit?

(I`m guessing I do not need a new lease and the old one is still valid. BTW he`s month to month)

Lastly, do you think a reduction in rent is expected following such an event? same apartment but expenses are lower.
sorry for being so business oriented, just trying to understand what investors here think about helping the tenant this way.

Thanks & Regards

The service you provide your tenant doesn`t change (unless you run a rooming house), She still has to whole suite, if she does need the whole suite and thinks that it is costing too much for just one person the tenant should move, don`t discount your rent. I don`t see any reason to change the lease, like changing names (unless she has someone move in with her).
But lets say the situation is that it is a couple who split up, then change the names on the lease,and if you really don`t like the partner who stays, then I would make changes to the rent amount to pressure them to move out.

 

[jcab256]

QUOTE (housingrental @ Feb 3 2010, 10:57 AM) Or a gift certificate towards a casket : )

Wrong.

Funny, but wrong.