Average Lease Term for Rental

[Diego Mishler]

We bought an investment property earlier this year and we have it on the market for rent.  We haven't found anyone to occupy the place yet, but we're hopeful that it will happen soon.  

My question is, what's the average rental lease, is 1 year ok, especially if you expect your operating costs to go up in year 2?  If you increase the price of rent, what percentage are you increasing it by?

[Dominic Mazzarella]

Quote from @Diego Mishler:

We bought an investment property earlier this year and we have it on the market for rent.  We haven't found anyone to occupy the place yet, but we're hopeful that it will happen soon.  

My question is, what's the average rental lease, is 1 year ok, especially if you expect your operating costs to go up in year 2?  If you increase the price of rent, what percentage are you increasing it by?

It absolutely depends on the area. But I’d shoot for month to month leases if you can simply because it’s easier to get rid of problem tenants. That being said, I invest in mobile home parks and self storage so other asset classes might be different.