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

8 Replies

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

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.

@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 :)

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.