Hey guys! What kind of language do landlords/property managers use in their leases with regard to tenants having to provide Notice of Non-renewal (minimum of 30 days out from lease end, for example), whether or not the lease automatically terminates, or if the lease continues if they fail to provide notice of non-renewal? Essentially, we're just trying to both hold tenants responsible for rent, should they not provide notice of non-renewal, but we also don't want the lease to go month-month if they fail to do so. Kind of a delicate balance, as you can imagine. Any feedback or advice would be greatly appreciated, thanks!
You send out a renewal notice prior to lease end date with proper notice, so 45 days earlier if it's a month to month,, or 75 days earlier if its a 60 day period.. basically saying what your renewal terms are. If they choose not to renew,the notice states they have to return the notice with cancellation / notice to vacate PRIOR to the 1st day of the month.. either 30 days or 60 days,,,or that they agree to terms of new lease.
I give 2 weeks extra with my notices.. your only obligated to give 1 day prior to the 1st,, but this gives no time for the party to decide if they will continue,,so I like giving the extra time..
IF I"M non-renewing because of issues with tenant I usually give a 1 week plus the 30 or 60 day period..
Thanks a lot, Deanna! Very helpful :)
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing