Month to month v. lease and rent raise
After meeting with my attorney the other day he suggested in new rental agreements to do a month to month basis for some very good reasons. In the state I invest, its much easier to get rid of a problem tenant. He also mentioned why hold someone in a home they don't want to be in, could be a problem, let em go and move on. All new rental agreements are done this way now.
I have a good tenant who always pays whose 1 year lease is coming due. I sent her the new month to month agreement. She contacted me and asked for another year lease as she feels more comfortable that way. I explained to her I wasn't planning on raising the rent every month etc., but still insists on a new lease instead. I included a $25 month increase, (I'm still low for the market, but she's lived here for years).
Wondering if I should agree to do another 1 year, lease but a slightly higher price or just give her what she wants since she's been good for years. Thoughts?
I have many units of property and tenant turnovers are my biggest cost, so I try and keep vacancy as low as possible. Please only respond if you have multiple units or property, thanks guys!