Leasing an apartment in the winter

[Rick C.]

Hello, I have two units being rehabbed that are coming up for rent in January. I understand that is a notoriously bad time of year to lease, so am concerned that I will have to go in at a lower rate. Are there any suggestions of what I can do to mitigate this potential issue? Ideally I would like to get both leases timed to end in the spring. Thanks, Rick

[Darren Sager]

@Rick C. I wouldn't worry about it all that much if you're less than three bedrooms per unit. What I would do (since I prefer to have my leases renew in June, July or August) is to have an incentive for you tenants to renew at that time. Ask them first for a 15 month, or 18 month lease with a three month out clause after the first year. If you get it and they stay for the additional time period go to annual renewals with the months you prefer. I would just be up front with them from the get go and let them know what you'd like to do.