29 May What You Need to Know About Lease Renewals
One trait of successful landlords is the ability to keep tenants and have minimal vacancies. Here are some tips for making lease agreement renewals go smoothly:
Timing is Everything
If your tenant hasn’t initiated a conversation about renewal, you should bring it up at least 45 days before the expiration of the current lease. This gives your tenant peace of mind knowing they will not have to start looking for a new place to live.
Likewise, if you do not wish to renew, then make sure you give the tenant enough time to vacate as spelled out by the laws of your state. Some states require 30-60 days notice of non-renewal, so be sure to put your intentions in writing before the deadline or you could be in violation for the terms.
Perform a walkthrough
Before you decide to renew with a tenant for another year, you should always complete a thorough walkthrough of the rental property. Only after this should you commit to another year of renting.
Put Everything in Writing
Never renew a lease on a verbal agreement, handshake, text, or email — even if it is just a month-to-month agreement. Always put everything in writing. This includes your lease, your intent to raise rent, or your notice of non-renewal.
The only time it might be acceptable to use email is if you are sending the tenant a .pdf file of the lease and asking them to print it, sign it, and mail it back. You must keep signed hard copies documenting all of your terms and agreements.
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