A holdover tenant is a tenant who remains in possession of a property after their lease has expired. The tenant may be required to pay rent at a higher rate, known as "holdover rent," until a new lease can be negotiated or the tenant is removed from the premises.
How is holdover rent calculated? There are a few different ways that holdover rent can be calculated, but the most common method is to simply charge the tenant the same monthly rent that they were paying prior to vacating the property. This ensures that the landlord is not out any money, and also provides a disincentive for the tenant to vacate the property without proper notice.
What is a holdover tenant in New York? A holdover tenant is a tenant who remains in possession of a rental property after their lease has expired. In New York, a holdover tenant is subject to eviction proceedings brought by the landlord. However, the landlord must first give the tenant a Notice to Quit, which gives the tenant 30 days to vacate the premises. If the tenant does not vacate the premises within that time period, the landlord can then file a Notice of Eviction with the court.
What happens when commercial lease expires?
When a commercial lease expires, the tenant no longer has the right to occupy the space and must vacate the premises. The landlord may then either offer the space to a new tenant or decide to use it for another purpose. If the landlord does offer the space to a new tenant, they will typically do so at a higher rent price.
What is a hold over period?
A "hold over period" is typically a period of time after a lease has expired during which a tenant is still allowed to occupy the property. This period is often negotiated between the landlord and tenant as part of the lease agreement. The length of the hold over period can vary, but is typically 30 days or less. When a tenant wrongfully holds over from the term of their lease it is called? A tenant wrongfully holding over from the term of their lease is called an "overholding tenant." This occurs when a tenant remains in possession of the property after the lease term has expired, without the landlord's consent.