Investor · Anchorage, AK · Member since 2016 · 222 posts · 294 votes
Hello, I've only done this once before and I feel I am really over thinking this. One of my existing tenants is wanting to sign another 1-year lease. What is the best way to handle this? Should I print up a brand new lease and call it the 2nd year lease, and add any changes? Or should I print up a lease extension and note the new changes on there and have them sign that? I feel like a have a ton of knowledge in every other aspect of my rental business but realize I have no clue what other people normally do in this situation lol. How do you guys usually handle this?
You should only need to sign an addendum agreeing to extend the date of the original lease until XX date. You can also include any additional provisions and a rent increase in this addendum as well. Somewhere in the addendum, you should reference the original lease.
You should only need to sign an addendum agreeing to extend the date of the original lease until XX date. You can also include any additional provisions and a rent increase in this addendum as well. Somewhere in the addendum, you should reference the original lease.
I have the lease saved so I just change the dates and make any other changes needed then print double sided. I don't have to keep up with an old lease or refer to it. This is cleaner and simpler for me.
I was about to ask this same question. If I'm planning on increasing the rent, do I have to let the tenant know in advance? or do I just include it on the addendum?
@Carlos Chavez I would let them know that you plan on increasing the rent when you offer them a new lease. In my state legally you need 30 days in advance to do this. As far as an addendum, all you need is a document printed out so that the top is in bold and says "addendum". Then underneath that, you can literally put anything changes you want to your current or next lease. Just make sure you put a date on it and a place for both you and the tenants to sign and date.
I will be sending the addendum 30 days before the lease is up, I will let the tenant know then that the rent will be increased, hopefully he doesn't decide to leave LOL.