Hi, I have multiple tenants on a 12-month lease that is up for renewal. One of them only want to stay for 6 months, but the other two want to stay for 12 months. Any advice on how I should handle the renewal? • Has anyone created a lease that made all parties jointly responsible, but allowed one to stay for, say, 6 months, and after the 6 months, the tenants staying for 12 months become the only responsible parties? • Do you have any example language to put in the lease or as an addendum? • How would you handle the deposit that was given when they signed the first lease? • How would you handle move out inspection?

Dana Dunford, I just found a couple of "Removal of Tenant" addendums that I could use. So I think the only item I need in my lease is a clause that specifies that a tenant may be removed if all tenants agree and remaining tenants are able to .... Anyone have a clause example or how they would stipulate this in their lease?

@Keith Fawcett-- It sounds like you're putting more work on yourself than you need to ... the tenants should be figuring that out. If they are all jointly responsible to make sure the "full amount" is paid over the next 12 months (in 6 months, 8 months, 10 months, etc.), then they should all be on the 12 month lease. When the first tenant leaves in month 6, then a lease addendum should be created at that point (documenting that one left and the other two are responsible for paying the difference / finding a new tenant). They will need to figure out the security deposit themselves. I advocate not getting involved in tenant interactions. You don't want to be their mom/dad working through the he said / she said with the security deposit, who pays what, etc..

Hey Keith, you should look up this book call Buy it Rent it Profit by Bryan Chavez. He provides examples of leases you could create to fit your needs.

Updated over 9 years ago on 02/17/2016. Most recent reply

5
Posts: 0
Votes

Keith FawcettPoster

New to Real Estate
Atlanta, GA

General Landlording & Rental Properties

Multiple Tenants different lease terms?

Keith FawcettPoster

New to Real Estate
Atlanta, GA

Posted February 17, 2016 12:25

Hi, I have multiple tenants on a 12-month lease that is up for renewal. One of them only want to stay for 6 months, but the other two want to stay for 12 months. Any advice on how I should handle the renewal?

Has anyone created a lease that made all parties jointly responsible, but allowed one to stay for, say, 6 months, and after the 6 months, the tenants staying for 12 months become the only responsible parties?
Do you have any example language to put in the lease or as an addendum?
How would you handle the deposit that was given when they signed the first lease?
How would you handle move out inspection?

0 Votes

3 Replies

Jump to Last Reply

Sort By:

Oldest

Loading replies...

Struggling to find reliable real estate advice?

Join over 3 million real estate investors to build connections, learn from others, and share your journey — all for free!

Your Profile Views

Curious to see who's interested in your profile? Unlock your views with Pro

Connect with others

7 day free trial. Cancel anytime.

PRO

Upgrade to Pro

Market Finder - key investor metrics for all US markets

Deal Finder - investor-focused filters and notifications for new properties

Calculators - Unlimited access to 9+ property analysis calculators

Find an Agent

Find & Match With an Investment Friendly Real Estate Agent

Enter your market to get started

Rent Estimator

Address or ZIP