Lease renewal - tenant "stalling"?
I would like to get some advice from fellow BP landlords on this.
I have a tenant (inherited from a purchase in November 2014) whose lease is up the end of May.
Around end of March, over 60 days from lease expiration, I contacted the tenant about lease renewal. I mentioned that there will be a 5% raise in rent, I will need a last month rent, and I will need to transition the old 1 page lease to my standard lease which is more verbose but less ambiguous which is better for both parties as far as setting expectations and minimizing liabilities.
About the last month's rent, I typically collect first, last and security for all my tenants in that area. Other units in same building have first, last, security. He is the only unit with security deposit but no last month rent (because he is a friend of the ex-owner).
The notification was not met with enthusiasm - not surprised, with a few email and text the tenant decided that he would like to renew.
I sent over the new lease for his review and mentioned that I would like to have it executed by May 1, 2015, 30 days prior to lease expiration, and of course, collect the last month's rent when the lease is signed. I waited a week, and asked if he received the lease and if there are any questions. He replied that he's been busy at work and working over time and won't have time to look at the "LONG LEASE" until mid May. I responded that I would be happy to stop by and it would only take me 20 minutes to walk through the lease with him face to face, and answer any questions or concerns, something that I do with all my new tenants anyway...he said he would check his schedule and get back to me, that's over a week ago.
I have this feeling (not 100% sure) that he may be looking elsewhere and stalling. He has verbally expressed an interest to renew, but haven't. I on the other hand would like to get things finalized by May 1...his old lease has NOTHING, in terms of requiring lease renewal (or non-renewal) notices either.
I am thinking instead of further pressing for his renewal, may be I should just let him know that if we don't get the lease renewal executed by May 1, I intend to advertise the unit openly, and after that, he would be treated just like any other applicant, and if someone else gets a lease signed, he would have to move.
Am I being unfair? What would you do?