Updated almost 8 years ago on . Most recent reply
Lease Renewal Grace Period
I've been trying to find information about this and need a little guidance. I am leasing to a party of 4 individuals and their lease renewal window is approaching. Some of the original tenants will not be a part of the group for the renewal. "If" my remaining tenants are late renewing the lease by end of the current lease due to having trouble filling those vacancies, am I obligated to offer a grace period, and how long should the period be? I am treating this as a one-to-one agreement and not one-to-four. Whichever way they figure out there rent collection between all parties involved is their business, so as long as the financial commitment is met on time. From what I can tell, this falls into month-to-month leasing. But is that true if there's a grace period for turning in the lease completed?