My tenant in 92130 yesterday night eagerly called me to ask me to exercise his option to renew his lease for a 2nd year at the same price that I offered him last year. I said sure.
He asked if he can extend it for a 3rd year too. I said, I’m not commiting to a 3rd year, but typically unless we have excessive inflation or the USD drops like a rock, I typically dont raise rates for a good tenant that doesn’t move out. He offered to prepay 3rd year of rent in full…what? I suggested wait and see wait and see in case he or your wife has to go back to the office in LA/OC next year.
He said that both his company and wife will let them work indefinitely from San Diego, he reconfirmed his wife just needs to show up in satellite office in Old Town once every so often. he just needs to go to OC once per month. And he said no way in hell they would move back to Culver city and send their kids to school there instead of Del Mar Unified….
So I guess i locked $60k rental gross income for this year too. And probably the year after that if I want to…Score.
