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My wife and I moved from NYC to Miami Beach last year. We signed a 1-yr lease to rent a unit. In the lease, between myself and the landlord, it stated there was an 'option to renew a 2nd term lease with an increase of no more than 5%.'
The landlord just informed she she wishes to move back into the unit and will not renew the lease. I understand this is a danger or renting, but our decision to choose this unit was largely based on our ability to stay there for longer than one year.
Do you interpret this as a mutual option for both of us to renew? Would we have any grounds to somewhat force a 2nd term? There were many costs associated with our move, not to mention many fees required to the condo association, etc. Moving is certainly something we did not envision, and a large reason why we chose this unit was for the perceived stability.
Read the Lease! How many days before the Current lease Ends does the LL have to notify you that she IS renewing? By the same token How many days Do you have to let her know you want to stay? Most are 60 days... So have You told her In Writing you want to stay?
Yes, I have told the landlord in writing that we would like to stay.
I suppose what I am inquiring about most is that in the original lease, there is an option to renew the lease for a 2nd term, and specifies the maximum rent increase as well. Now, the landlord does not wish to provide that option. I spoke to their realtor who claims both parties have to agree to that option - but that certainly is not my (limited) understanding of how landlord / tenant law works.
IF you Both signed it for no more than a 5% increase on renewal Then the LL Has agreed! & so have you. BUT I ask the realtor Want the rent will be for the new lease. IF its the same or less than 5% then not a worry. Check the LL/Tenant laws in your area... most links are in the sticky.
I suppose what I am inquiring about most is that in the original lease, there is an option to renew the lease for a 2nd term, and specifies the maximum rent increase as well. Now, the landlord does not wish to provide that option. I spoke to their realtor who claims both parties have to agree to that option - but that certainly is not my (limited) understanding of how landlord / tenant law works.
It will depend on the EXACT wording in the lease. Can you post the EXACT wording for us?
Yes, I have told the landlord in writing that we would like to stay.
I suppose what I am inquiring about most is that in the original lease, there is an option to renew the lease for a 2nd term, and specifies the maximum rent increase as well. Now, the landlord does not wish to provide that option. I spoke to their realtor who claims both parties have to agree to that option - but that certainly is not my (limited) understanding of how landlord / tenant law works.
My interpretation is, that if that is the exact wording in your lease without any other stipulations attached to it such as; unless the property is sold, etc. etc., then it would be guaranteed that 'you' the tenant, have that option in place to renew if you choose to. If you choose to not renew then you can leave at the end of your lease term. It does not however, give the LL the 'option' to not renew your lease. But that is only my 'non-legal' opinion.
I would try googling "renewal options in rental leases' or something similar to see if you can find a legal definition or I would contact a tenant's resource center in your area or some form of qualified and licensed legal entity to help you interpret it according to law.
IF you Both signed it for no more than a 5% increase on renewal Then the LL Has agreed! & so have you. BUT I ask the realtor Want the rent will be for the new lease. IF its the same or less than 5% then not a worry. Check the LL/Tenant laws in your area... most links are in the sticky.
Reread the OP. The concern isn't the amount of rent. The concern is that the landlord isn't willing to honor the 1 year renewal at all.
I agree with Rabrrita, it depends on what the exact wording says.
If it has a qualifier like "may" or "possible" or "could" in there, then it probably isn't enforceable. So exact wording is important.
It will depend on the EXACT wording in the lease. Can you post the EXACT wording for us?
Thank you. The lease is on a standard Florida Realtors lease.
Terms state the lease is for a period of 12 months, with a specified beginning and ending date.
In Section V - Deposits, advance Rent, and Late Charges, the landlord has written in: 'Option to Renew a 2nd term lease, with an increase of no more than 5%' and has initialed this as well. It does not specify who holds this option, but from all real estate law I can look up, this option is at the sole discretion of the tenant.
Thank you. The lease is on a standard Florida Realtors lease.
Terms state the lease is for a period of 12 months, with a specified beginning and ending date.
In Section V - Deposits, advance Rent, and Late Charges, the landlord has written in: 'Option to Renew a 2nd term lease, with an increase of no more than 5%' and has initialed this as well. It does not specify who holds this option, but from all real estate law I can look up, this option is at the sole discretion of the tenant.
Then my post above still stands as my non-legal opinion IF everything in your initial term of the lease was upheld by you as promised based on the terms of the lease. If not, then that could possibly change things.
I would agree with Corn. Non-legal opinion is that tenant should have that option. But the fact that it doesn't state who has that option might be a sticking point. It does seem to imply that it is the tenant who holds the option.
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