Lease agreement for each year's renewal

[Anudeep Pradhan]

Hi all,

I'm curious to know what would be the recommendation to renew lease each year. Questions:

1. Should I use the comprehensive lease agreement or should I use an addendum simply describing the tenant names, rent increase and for which period, etc.?

2. Also, my tenants have been with me for close to 10 years and I only took the deposit that was equivalent to the rent back then. How can I increase the deposit amount and what should I state in the agreement?

Thanks in advance for your guidance,

Andy

[Anudeep Pradhan]

Quote from @Dan Baldini:

Unless you have a massive amount of lease terms that are changing from the original lease agreement, you can use a simple Lease Amendment, not an addendum, to renew your lease.  On this Amendment, you can add a handful of updated lease terms and conditions, as well as even increasing the SD amount, especially if it's not a current amount needed to be relevant to the current risk level.  Simply negotiate that with the tenant and include the language in the amendment that tenant is paying in $xxx additional SD at time of signing the lease amendment and put the total amount of the new SD balance held by you so it is clear to all parties how much the tenant has paid in.

 Hi Dan- I truly appreciate your response and insight. Sounds like a plan and glad I don't have to do something elaborate to update the lease renewals. I'll make sure to use the Amendment. 

Thank you!