Incentivizing long term lease agreements
What’s your secret to getting long term residential leases signed ie: 18-24 month leases?
I currently have a 15 month and a 18 month tenant <— this one extended his 12 month lease.
I want to know your strategies on getting long term tenants, I’ve thought the idea of advertising a 18 month minimum lease with a 1 month free rent incentive to sign. What other ways can help to reduce tenant turnover?
Most Popular Reply
You don't want longer leases. Many tenants will skip out mid lease and you don't have much recourse. As noted above, longer lease terms benefit tenants more than LLs since you are expected to uphold your lease.
Every new LL wants to minimize turnover by having longer tenures but that is not a realistic expectation. Most experienced LLs know MTM is the way to go (except have some protection around mid-winter vacancies).