Tenant asking to extend their lease until end of OCT. Thoughts?

Question

Title pretty much says it all.

The rental is near Ft Meade in Maryland. My tenants are currently military. the lease is ending the end of April. The Tenants just reached out letting me know they would like to extend the lease until the end of October. When they leave, I will most likely have new carpets, and flooring installed, as with the basics touched up. So there will be 1-2 weeks of down time before trying to fill the home again. That would put us at mid November.

I know some people are really big with having spring time leases, however fall rentals seem to have less inventory which could allow for a bigger demand on my unit. My tenants also said, with military, they feel I'll have a big pool of people due to the base regardless of time.

What is everyone's thoughts on when the best and worst time to start a lease? Does it being near a base really help?

Tchaka Owen · Answer

@Jeff N. - I wouldn't lose sleep over this. The only bad time I can think of is dead of winter because no one really wants to move then, but even then people move. I don't see April in Ft. Meade being any better or worse than early November. What I'd focus on is advertising the place by late September to hopefully get a potential tenant lined up. Let them know you need 1-2 weeks for updates. And yes, I'd extend until the end of October!

Bob B. · Answer

Extend the lease with a small rent increase. Have an understanding with them that they allow you to get the house rent-ready and start showing in October before they move out.

Jeff N. · Answer

Thanks For the feedback. They are Military, yes if they get orders they could break a lease, however their lease is over in April 2019 and would be a month to month. I guess they could have signed another year lease, and planned on breaking it without telling me.

My biggest concern isn't so much having the house go on the market in November, it is that it is going to need work after they leave. New flooring being the big one. however I will make it clear that I want to get in there before their lease is over and have everything lined up so the day they leave, I can have a guys in there doing the work. If they can knock all work out within a week, the house will hit the market early November, if I hit any delays it could push into Thanksgiving after that its all down hill IMO until Late Jan.

JD Martin · Answer

It really depends on your area. I have rented in every month of the year. That said, April-August is most definitely my prime season. December & January are very tough, as there are few people looking to move outside of desperados and other unstable individuals. Most of the renters I have ever picked up in those months ended up being short-timers.

Colleen F. · Answer

If they have orders you have to let them out of a lease so it is better they are letting you know rather then signing another year lease and breaking it. I would charge for the privilege of the short term extension but our area is very seasonal, your area could be different. I have also pushed back on the requested end date if there is a reason to do so. I always request to get a place back for Sept 1 due to our academic population. Is there an equivalent military turnover time in your area?

Lastly write showings into your lease extension. Co-operating with showings is a requirement but in a lease extension I emphasize it.

Thomas S. · Answer

Extend their lease on M2M and let them leave when they wish.

The only bad time in my opinion is Dec/Jan. What landlords need to keep in mind is that although there are less tenants looking to move there are also less units available. It's a wash most times of the year.

Lee Nestlerode · Answer

you could ask them to pay a premium for a 6 month lease, which could cover some additional vacancy.

Nik Moushon · Answer

I thought that was only if they have military orders to relocate or a deployment?

Nathan Gesner · Answer

I believe you're required to let them out of their lease if they are military.

Theresa Harris · Answer

If you can rent it in Nov, extend the lease.

Tenant asking to extend their lease until end of OCT. Thoughts?

Tenant asking to extend their lease until end of OCT. Thoughts?

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