 Holdover and $$$ (by BobbyT [IL]) Dec 1, 2020 7:49 PM
 Holdover and $$$ (by Sorta Blonde [CA]) Dec 1, 2020 10:14 PM
Holdover and $$$ (by WMH [NC]) Dec 2, 2020 7:51 AM
Holdover and $$$ (by RentsDue [MA]) Dec 2, 2020 8:05 AM
Holdover and $$$ (by Oregon Woodsmoke [ID]) Dec 3, 2020 3:19 PM
Holdover and $$$ (by BobbyT [IL]) Posted on: Dec 1, 2020 7:49 PM
Message:
OK 'Board" of Directors.
I'm getting myself confused in this situation. I have, what I thought was a good Holdover clause in my lease. First time this has happened and I think my Holdover clause is hurting my ability to re-coup lost rent.
Here's the situation: Holdover clause, like many of yours I'm betting (calls for 150%) in my lease calls for Double, so 200% of the Rent amount on a daily basis until final Surrender of Premises.
My soon-to-be prior tenant's new digs elsewhere were not ready for 4 days after the end of the month. So they 'stayed' or HELDOVER and did not move until the 4th day of the new term. I lost my incoming tenant because of this.
My Lease HOLDOVER clause gets me 4-days of DOUBLE the rent, but that only compensates me for the partial month. I've heard of the fight/argument that you're not out by the 1st, you owe the whole month, but in this case of Holdover, my own lease says NO I'm limited to only the holdover daily amount.
Does your lease address the HOLDOVER to say they owe 150%, 200% or whatever you've chosen, FOR THE WHOLE MONTH? Or only a pro-rated, daily amount?? Thanks for the advice...
--99.155.xxx.xxx |
Holdover and $$$ (by Sorta Blonde [CA]) Posted on: Dec 1, 2020 10:14 PM
Message:
No Holdover clause in my agreements. Just too confusing and it leads to the Tenant thinking they can stay past the end date if they just cough up extra money. Like you found, you lost a new tenant because of that. I tell them (and it's in the agreement) that they owe a full month's rent if they stay past the move out date. I might relent AFTER they move out, and refund some of it if they are 'being nice'.
Same thing with 'late rent payment'. I tell them NO late rent period. No grace period. I went that route as a new Landlord and found my tenant always paid late up to the allowed limit. Was a mess. No more. Rent is due when it's due. --72.199.xx.xxx |
Holdover and $$$ (by WMH [NC]) Posted on: Dec 2, 2020 7:51 AM
Message:
No holdover in my lease, I feel the same way as Sorta Blonde, they will think they can pay and stay. --50.82.xxx.xxx |
Holdover and $$$ (by RentsDue [MA]) Posted on: Dec 2, 2020 8:05 AM
Message:
I have the holdover clause in my lease because I don’t rent out occupied units back to back. I understand why a lot of people do and in that case I would leave out the holdover clause. I rarely have a unit that can be turned over without needing cleaning, painting or some repairs before the next tenant moves in. I mostly have long term term tenants . Nobody lives in a place for 9 years and moves out with it looking like the day they moved in. --75.133.xxx.xx |
Holdover and $$$ (by Oregon Woodsmoke [ID]) Posted on: Dec 3, 2020 3:19 PM
Message:
I charge hold-over by the day, but I never have a new tenant lined up until my unit is empty and clean.
I think it is either-or. You can charge hold-over rent by the day, or else you can charge the regular rent and get them for an entire month if they aren't out and if you have a state law that says they must give notice by the full month (which many states don't) --76.178.xx.xx |
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