and that I need to go and resign my lease because that is up as well. If I don't go to resign the lease what would happen. Can I continue paying what I'm paying now since I haven't signed a new lease, or will I be charged the month to month cost which is about $200 more.
2007-12-12 11:28:35 · 10 answers · asked by Texas Rose 3 in Business & Finance ➔ Renting & Real Estate
I get that letter every year. They tell me what the market rate on my apartment is and that they will make some small deal like $300 off the first month of the new lease. I go tell them that I will resign the lease if I get the same deal I had the year before -----$90 below what they claim is market rate. They always give it to me.
Go talk to them. Tell them that you have been a good tenant who always pays your rent on time and does not have wild late night parties. They want to KEEP you as a tenant----finding a new one is expensive for them. Tell them that the $100 increase is more than your budget will allow and that you would like to resign your lease at your old rate. They expect you to negotiate when you receive that letter. You may end up with a small increase but it will not be a $100 increase.
If you don't resign, you will go right to the month-to-month rate. Your old rate will expire with your old lease unless you can lock it in on a new lease.
2007-12-12 11:48:00 · answer #1 · answered by TaxGurl 6 · 0⤊ 0⤋
No you can't just continue to pay the old amount just because you haven't signed a new lease. The landlord may let you stay on a month to month, but it will still be at the new rate. $100 is a large increase, but not unheard of. On a month to month they can also raise the rent anytime they want to. Your better off signing the new lease where your locked in the new rate until the new lease expires.
2007-12-12 22:49:18 · answer #2 · answered by Classy Granny 7 · 0⤊ 0⤋
It should say in the lease what happens at the expiration of the lease. Most ones I have signed say that it converts to month to month at current rent amount stated on the lease.
Usually a month of two before your lease is up, they will give you a letter stating you need to resign the lease (or there will be no more lease and the rent will convert to month to month )
If your landlord didnt give you a letter sayin it will go to month to month, and if you dont re sign, you could be evicted.
2007-12-12 12:39:21 · answer #3 · answered by ►►BLOGGER◄◄ 5 · 0⤊ 0⤋
If you don't re-sign a new lease , the apartment has 2 options...
1. Charge you the month to month rate,
2. Evict you, since you do not have a new lease in order to stay there.
Most often they will go with the first option as it's cheaper.
2007-12-12 11:32:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you don't sign a lease you will default to a month to month option where the rent can go up every month if the land lord chooses. There is usually a cap or percentage that they can't go over when raising the rent. Keep in mind that they can keep doing the maximum allowed by the law each month.
2007-12-12 11:32:08 · answer #5 · answered by So. Cal Man 3 · 0⤊ 0⤋
the $200
2007-12-12 11:31:06 · answer #6 · answered by suzanne g 6 · 2⤊ 0⤋
You can either pay the new price, try to negotiate a smaller increase or move to another place. A lease is like a contract. Think of it as your contract is expiring.
2007-12-12 11:31:46 · answer #7 · answered by Jerry 2 · 0⤊ 0⤋
As soon as your lease is expired, you will default to month-to-month status, and your rents will increase by the $200 figure you mention.
2007-12-12 11:31:50 · answer #8 · answered by acermill 7 · 2⤊ 0⤋
If you don't sign the new lease, they will evict you.
2007-12-12 11:30:49 · answer #9 · answered by npk 7 · 2⤊ 0⤋
You need to move out of there and find a cheaper place.
2007-12-12 11:31:17 · answer #10 · answered by Anonymous · 0⤊ 0⤋