Looking for some advice on my first rental posting for a SFH. House was just listed last night and has already gotten several inquiries.
One in particular, renter is asking about possibly a long term lease of 4 to 5 years.
Gut feeling tells me that this isn't a good proposition for myself, the landlord. But looking for everyone's opinion on this.
Has anyone ever done a lease more than a year? Two years?
Long term leases protect the tenant and do absolutely nothing for the landlord. It binds you more than it binds them. Realistically, they can leave at anytime.
The real question is, why are they asking for that? My experience is unqualified tenants seeking gullible landlords to overlook poor history because they can "lock in" a tenant. I'd say it's been about 100% those who've asked fail my prescreen/screening criteria.
Generally not a good idea, rents could appreciate significantly in that period of time, and most responsible tenants aren't going to want to lock in for that long either and as others have said realistically they can leave whenever they want.
Thanks all. It turns out that he just wanted to buy the property.
When we told him that we weren't interested in selling, he got pushy about getting "first right of refusal" to buy.
Appreciate the input.