Wilmington, DE · Member since 2013 · 1 post · 0 votes
Hey everyone - first post, looking for some advice. It's my first year into being a landlord, and all is going well so far but I have a question about lease renewal.
The lease for our rental ends at the end of October, then goes month to month. We'd like to keep the tenants in the house, and they'd like to stay. However, one of the tenants is exploring job opportunities that could result in them relocating in January or February. So if they sign a new lease, they said there's a chance they'd have to break it just a few months in. It's also possible that nothing happens and they end up staying in town.
Should we just recommend this go into month to month mode, and reassess later if they don't move? Or is common practice to allow a lease break if it comes to that? I don't love the month to month instability, but I also don't want to relist it and turn it over yet untill I have to. Appreciate any thoughts!
@Allan M., I agree with @Jim Cummings... Sign a 6 months lease that'll put them at prime leasing season and could luck up with better tenant. If they have to leave sooner, tell them that they'll be responsible for rent until you're able to secure a new tenant.
Increase the rent on the new lease for you having to work around their instability. Either they sign a lease and stick to it or you might as well wipe with whatever they sign because it is useless if you know they won't stick to it and you won't enforce it. Them leaving in the winter leaves you SOL in the crap season for finding a tenant, so factor that in also.