I am heading to the end of my a two years lease. I pay "preferential rent", which is very close to market price in my neighborhood, and the "legal rent" is over $2700 which, If I understand correctly will take out the stabilized status of the apartment. I believe that the legal rent is very unlikely as my apartment is only average or even a little run down. I have the rent history and there is nothing suspicious about it from what I can see.
As it happens also the managing agency just returned a check on the ground that the payee name is wrong. I had used the exact same payee name for 16 months now and they always accepted them. Because I use a BillPay service from my bank, the whole situation needs to be investigated by my credit union before the funds are credited back to my account, which could take weeks. I don't have the cash to pay now.
A few questions:
Is someone familiar with LLs tactics of not cashing rent check, and
Should I be worried?
If yes, what should I do next, bearing in mind that I don't want to be black listed and I am still hoping to be able to negotiate a "reasonable" preferential rent? In your experience, given the story above, is it likely that they will offer me a preferential rent?.
How long do I have to pay the rent now?
Thanks all.