My Tenant's Anniversary is Approaching....

[Eric H.]

Great morning BP Fam,

Tenant's lease is up in March '18. How early are you sending out renewal/anniversary (Mr. Landlord terms) letters? I am planning to send out letter in January.

Thanks!

[Nathan Gesner]

I send out notice 90 days in advance. I remind them of their lease expiration date and offer them three options:

1. Vacate no later than their termination date;

2. Renew for a year; or

3. Convert to month-to-month at a rate of $XXXX

Depending on the time of year, converting to a month-to-month lease may require a significant rent increase, usually 25%. This is to help mitigate the risk of vacancy during winter months where it's hard to find new tenants.

I remind tenants again at the 60-day point.

If they have not given me a response - in writing - 30 days prior, then I send them notice that their lease will terminate on the scheduled date and that we are starting to advertise the unit for potential renters. I also send them move-out instructions. This doesn't happen very often because most tenants make their decision well in advance.