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I live in a rent controlled apartment and am planning to retire in the next couple years. I plan to move to florida?
My rent is only $2k/mo when comparable units that aren't rent controlled go for about $12k/mo.
Would it be unreasonable to ask for $100k from the landlord to vacate if I'm basically planning to move soon anyway? I don't have any kids or relatives that want to take the unit.
Wow. You guys must not live in areas that have rent control. It is very common to request a buyout from a landlord. They would easily make back 100k in just a year if I leave, why shouldn't I get a piece of that?
It is not uncommon to get 6 figure buyouts in my area. The last offer I got was $30k to move out, but that wasn't worth it.
This unit has been in my family for 3 generations.
- Glenn SLv 71 month agoFavorite Answer
AS usual the morons on this site are completely clueless. Absolutely, the landlord/owner might be happy to let you out and start getting the true market value of the apartment. However is some rent controlled cities the landlord is limited to how much he can raise the rent even after the old tenant leaves. That could effect how much he might pay.
In the last year apartment rental rates have plunged in NYC and that is also going to effect how much an owner might be willing to buy you out of your lease.
Again, Hutch shows his lack of knowledge about RE and rentals. it is not illegal to buy a tenant out of his lease, and besides even if it were how would the authories know? Both parties sign a non-disclosure agreement.
And exactly how would any of the authories know much the buy-out is. That is why the parties would sign a non-disclosure agreement. To disclose the amount the tenant would owe the other party all of the money paid him.
- sunshine_melLv 71 month ago
Yes, it would be unreasonable, and would make no sense - the landlord owes you nothing.
- garryLv 61 month ago
yes , and where from , and where to in florida , your state and florida have a different agreement and if they have a place available ..
- SlickterpLv 71 month ago
Yeah, that is not reasonable.
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- n2mamaLv 71 month ago
If you think your request is totally reasonable and not uncommon in your area, why are you on here asking the question? Look, if you plan to retire in a couple years and move to Florida, then follow your plan. You can ask your landlord for a buy out of whatever amount you want to. He can choose to refuse. And if he does, are you going to decide to stay in your rent controlled unit rather than retire to Florida? If so, more power to you. But I don’t really see your leverage here if you have no family interested in taking it over.
- 1 month ago
You do not say where you are. In NYC a landlord who wants to redevelop a whole building might pay that much. I have a friend who got exactly that number. However, she was the last holdout and young. Others left for far less. I assume your landlord is not planning to redevelop in which case even if you live in an area where vacating would completely deregulate your rental, your landlord would have to spend serious money on upgrades to get $12,000 a month. He may prefer to just wait till you go out feet first.
- PearlLv 71 month ago
i would talk to your landlord about it
- ?Lv 71 month ago
When he stops laughing, maybe he'll help you pack.
- Anonymous1 month ago
"why shouldn't I get a piece of that?" Same reason you don't profit from your neighbor's investment in Apple stock. You haven't bothered to invest and therefore you don't get the returns.
If you want to stay there for the sole purpose of spiting your landlord when you'd rather be in Florida, go for it. Enjoy your retirement, I guess.
- D.E.B.S.Lv 71 month ago
Not reasonable at all. The only time it works to extract money from your landlord is if he is wanting you out for some reason. I'm not sure how you think voluntarily leaving would get you money.
Maybe you could convince him that if you had $100k you'd move in 2 months otherwise you'd probably stay at least another year (about the breakeven point for him), but that's a big if. The bigger 'if' is that he'd even have $100k to give you. You're already $120k up every year based on on the rental market you state.
"why shouldn't I get some of that?" Why should you get anything? You've been saving $120k a year for how long? Why doesn't he get a piece of that money you've saved? Give me a break.