I would like to know how much I should offer tenants to vacate property. I have three units that I would like to increase price for. Given state laws I am not able to increase the rent to market rate ($1250) without going to court. I did the calculations and I would lose money this year if I were to go through the eviction process with these tenants. That is best case the judge sides with me on the eviction. If the judge does then I’m set to lose even more money.
I was thinking of offering cash for the tenants to vacate. Last years rent was $800. Their lease is up and I provided proper notice the rent will increase to $1250. However, none of them signed the new lease and have not paid January’s rent. These properties are in upstate NY. Does anyone have experience with cash for keys or cash for key in upstate NY?
Posted by KingOnyxTheGreat
2 Comments
Offering cash for keys can be a more efficient solution than going through the lengthy and costly eviction process, especially if you’re already dealing with tenants who haven’t signed the new lease or paid rent. The amount you offer should be enough to make it appealing to the tenants while still being financially feasible for you. Typically, offers range from a few hundred to a few thousand dollars, depending on factors like the tenant’s situation and the potential cost of eviction. It’s also a good idea to have everything in writing to ensure a smooth process and avoid future disputes. That said, consulting with a local attorney familiar with NY state laws is highly recommended to avoid any legal issues
An enterprising tenant would take the money and stay and wait out eviction. I heard NY laws are very favorable to tenants.
Proceed with caution.