DIE IN THIS BUILDING
When you have a dead body in the real estate biz, go in with the cops. The tip-off is the smell. One time a tenant died without heirs, and the tenant’s estate lawyer practically begged me to take a few months’ extra rent. It was free money. But that’s the exception. Usually there is no money involved. In fact there’s often a loss — hauling stuff away.
I once put an ad on Craigslist captioned “50-year lease available. Die here.” Craigslist spiked that one pronto. My point was the building had three residents who liked living there so much they had each clocked more than 50 years on site.
Reality: a third of tenants move out in a year, a third stay 2 years, and a third stay 3-to-8 years — and a minuscule fraction stay longer than that. Doesn’t matter what you do.
A version of this first appeared on this blog 6/25/09.