Tenant bought elsewhere

[Elke]

Hi, our PM just told us that our (expired lease) tenant has bought elsewhere and will be leaving 'sometime in April'.

Our concern is that NOW is the time that uni students and lecturers are looking to rent (it's near a uni), families with school kids are looking to rent NOW, etc etc.

So...by April there will be a lot less people searching and we may have to lease it lower to get the tenants.

What are our options?

She has been an excellent tenant and has been there for nearly two years, we have met her several times. We don't want to turn her out on the street but we also don't want rental vacancy or a low rental return.

 

[EN710]

How's the market like in general?

I think the tenant is telling you that she's moving out around April out of goodwill - otherwise she'd have given you the minimum notice. What's the property manager suggestions on minimising vacancy?

 

[kennyboi]

Perhaps talk to her and understand her situation, try to firm up an exit date, then market the property from March?

 

[Xenia IM]

If the lease is expired then it is periodic - month to month
how much notice do you need to give her
In SA it's 90 days which would take it to around April anyway.

There are tenants available 365 of the year.

 

[westminster]

Hi, our PM just told us that our (expired lease) tenant has bought elsewhere and will be leaving 'sometime in April'.

Our concern is that NOW is the time that uni students and lecturers are looking to rent (it's near a uni), families with school kids are looking to rent NOW, etc etc.

So...by April there will be a lot less people searching and we may have to lease it lower to get the tenants.

What are our options?

She has been an excellent tenant and has been there for nearly two years, we have met her several times. We don't want to turn her out on the street but we also don't want rental vacancy or a low rental return.

Your option is to ask if you can market it in the last month and hold inspections during that time rather than just the last 2 weeks so you have enough time to get a good tenant.

Other than that you basically need to work with the hand that has been dealt to you.

 

[Paul@PFI]

Hi, our PM just told us that our (expired lease) tenant has bought elsewhere and will be leaving 'sometime in April'.

Our concern is that NOW is the time that uni students and lecturers are looking to rent (it's near a uni), families with school kids are looking to rent NOW, etc etc.

So...by April there will be a lot less people searching and we may have to lease it lower to get the tenants.

What are our options?

She has been an excellent tenant and has been there for nearly two years, we have met her several times. We don't want to turn her out on the street but we also don't want rental vacancy or a low rental return.

You cannot turn her out even if you wanted. That would be vindictive and land you in a tribunal. Get her co-operation to market it early so a tenant can be found and inspections if needed so the best tenant can be located at the best price.

 

[Elke]

Thanks all, appreciate feedback. We know her and will talk it over. It IS kind of her to give such long notice.