What's my tenant's endgame where it seems the tenant keeps on delaying and delaying on the option to renew the lease?
The tenant has a one year lease that's going to expire at the end of this month. I gave the tenant the option five or six weeks ago of another one year lease with an increase in the rent, where it'd still be a good price for the tenant at the higher rent. At that point, I had informed the tenant of that option via email as well as postal mail.
But, there was no response so I again emailed the tenant a reminder of the earlier option a few weeks later and told the tenant I needed an answer by the end of November. This time, the tenant responds eleven days later- a day before the end of November- that they'd like to renew the lease .
But, there's some requests and complications so that we need to email back and forth several times until I'm finally like we need to meet in person to hash out any issuses. If we can work it and renew the lease, that's fine. But, if we can't work it out, then that's fine too and I'll start posting the rental before the Christmas holidays damps down any interest.
But, the tenant couldn't meet last weekend and said we could meet this weekend. But, now, the tenant is saying we can't meet this weekend either.
Has anybody experienced something like this? What's the tenant trying to accomplish here with all these delays and late responses?
He obviously is either a procrastinator, or he is looking for something else! Hold his feet to the fire and say you’re putting the property on the market
@Dana R. If your local laws allow, you can notify the tenant that the rent is increasing by $50/mo with the signing of a new 1 year lease or $125/mo with no lease. Change the $ values here to suit your situation.
Nothing motivates folks like hitting them in the wallet.
Agree - give him a firm date. “I need to have some sort of agreement by X date. If we can’t do that I need you out by Y date. “
Sounds like you have been more than accommodating.
Just curious but are there other issues like late rent, property damage, etc?
The tenant is probably looking at other options before they commit to another lease. However that doesn’t change the fact the rent will increase as long as you have given them written notice. If they fail to sign a new lease either evict or go month to month.
Basic fact of human economic behaviour.
Every time you increase the price of something you give the counterparty more reason to re-evaluate whether it remains good value or the best value they can get.
Sounds like they are keeping their options open. Seems entirely rational to me.
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