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Old 05-19-2014, 05:34 PM
 
7 posts, read 6,738 times
Reputation: 10

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Hi Everyone,

I am relatively new as a landlord. Last summer when my wife moved out with my daughter, I decided to downsize myself and put my townhouse in New Haven for rent.

My current tenant is an international student of New Haven University from Saudi Arab. His lease will end by the end of June 2014. He just told me that his graduate study will end by December 2014. So, he wanted to extend the lease for another 6 month.

He has been paying the rental on time, and he only called me several times for some minor issues during the last year of stay. I really like him. But, I am not sure how difficult it could be to find a tenant in December.

Please find the link below for the detail of my townhouse---

Spacious 2 br 1.5 bath Townhouse in quite Morris Cove complex

I need your suggestion for such situation.

Best regards,

Jingye
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Old 05-19-2014, 05:43 PM
 
Location: Rochester, NY
1,129 posts, read 1,350,594 times
Reputation: 392
What are you asking?
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Old 05-19-2014, 05:46 PM
 
7 posts, read 6,738 times
Reputation: 10
I just wanted to know if I should keep him for another 6 month or shall I say no to him and try to find a new tenant?
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Old 05-19-2014, 05:48 PM
 
Location: Rochester, NY
1,129 posts, read 1,350,594 times
Reputation: 392
Quote:
Originally Posted by Jingyel View Post
I just wanted to know if I should keep him for another 6 month or shall I say no to him and try to find a new tenant?
Keep him.

He has been paying his rent on time and you like him. I wouldnt want to risk getting a person who doesnt pay their rent and is mean overall.
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Old 05-19-2014, 05:58 PM
 
7 posts, read 6,738 times
Reputation: 10
Yeah I definitely would like to keep him longer. My concern is that finding a tenant in Dec. might not be as easy as in July.
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Old 05-20-2014, 08:09 AM
 
Location: Connecticut
34,917 posts, read 56,893,272 times
Reputation: 11219
Quote:
Originally Posted by Jingyel View Post
Yeah I definitely would like to keep him longer. My concern is that finding a tenant in Dec. might not be as easy as in July.
Yes, that could be a problem trying to rent the place during the holiday season. Given that New Haven has such a good rental market right now though, it might be alright to do it then. Just be sure to advertise the place early, like say early November, and be agressive. Good luck, Jay
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Old 05-20-2014, 08:52 AM
 
Location: Near the Coast SWCT
83,500 posts, read 75,234,500 times
Reputation: 16619
Tell him to extend 1 year instead. If that's not possible tell him you will interview new tenants. If you find one for a year lock them in. If you can't find one then lock him in for another 6 months. He might want to stay another year if he hears you're looking for another tenant.

Just make sure he'll have the funds to cover the rent Jan-June.

Usually only if you're near a beach or have a pool on the property makes it easier to rent in warm months but winter sometimes doesn't motivate people to look for a rental.

And you wouldn't be looking around the holidays... you would start early November. Hopefully lock one in by end of November.

Good luck.

Or ask him to buy your property and rent it out himself.
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Old 05-20-2014, 08:54 AM
 
4,716 posts, read 5,956,682 times
Reputation: 2190
Agree with Jay - the rental market should be fine in December. There will be students moving in & out after the semester break, others who graduate early (or late), people starting new jobs, getting married/divorced, etc.
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