What is the best route when renewing a lease???

Question

Hello,

My current tenant has agreed to stay an additional 14-months (great tenant!) and I'm curious what the best route is to renew a lease?  My first thought is that it would be the easiest to amend the lease end-date...?  If that's the case, does any one have an amendment template that they'd like to share? If not, I'd love to hear what others do.

FYI The current lease ends March 31, 2019 and it is the MINNESOTA STANDARD RESIDENTIAL LEASE.

Thanks in advance!

Sam

John Woodrich · Answer

I used to agree with @Thomas S. and let it convert to month to month and I only do that if it is a mediocre tenant or one I inherited.  If it is a good tenant I try to lock them in :)

Thomas S. · Answer

I agree with @Dennis M. let it go M2M if he is such a great tenant and give him notice of your annual rent increase. Signing a 14 month lease has no value to you and is giving money away unless you also include another rent increase at 12 months.

Tim Swierczek · Answer

@Samuel J Claeson I also do a new lease.  As @John Woodrich mentioned I keep a digital & editable copy of each unit's lease so its not difficult and it allows me to make subtle changes to policy.

Samuel J Claeson · Answer

Thank you everyone for the advice! I think I am going to simply have the tenant sign a new lease.

Sam

John Woodrich · Answer

@Samuel J Claeson I personally have them sign a new lease.  I have an electronic version of my leases so I would simply change the dates and print it off.

An amendment would work fine but instead of going that route and writing something new I stick to with what works, a new lease :)

Kim Meredith Hampton · Answer

Hi Samuel,

I always do a new lease, but ours are attorney prepared per our Florida Statutes. One big reason is that laws can change year to year and we don’t want any confusion, straight forward

Dennis M. · Answer

@Samuel J Claeson

Just Let it run out and it will go month to month . This is your best option - unless of coarse you have changes in the lease you would like to make .

Mike S. · Answer

If nothing major changes, a simple renewal form with wording that terms, rights and conditions of original lease apply.  State any rental increase.  I like to list the amount it's going up and the total monthly amount.  The term, i.e. 14 months, and the new end date of term.  If there are adjustments to the SD due to rent increase I'll also state that the additional amount is due with the first rental payment for the new term.

What is the best route when renewing a lease???

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