When a tenant's apartment is sold and rent is raised, what must the new landlord do?

When a tenant's apartment is sold, the new landlord is required to honor the existing lease agreement. This means that the terms, including the rent amount and duration of the lease, remain in effect even after the property changes ownership. The existing tenant has rights that are protected under lease law, which states that the new owner steps into the shoes of the previous landlord, inheriting all obligations and rights defined by the lease. This continuity is crucial for ensuring housing stability for tenants and preserving the enforceability of the agreements made.

Negotiating a new lease is unnecessary and inappropriate until the original lease agreement expires, which ensures that tenants do not face abrupt changes in their living conditions. Lowering the rent for new tenants may not be immediately relevant to the tenant under the existing lease, as they are protected by their current contract. Charging a late fee for previous rent does not relate to the situation at hand since under normal circumstances, any late fees would be addressed based on the terms of the existing lease rather than a new management scenario. Therefore, the most accurate requirement for the new landlord in this context is to honor the existing lease agreement.