I have tenant who’s wants to extend for 3mo. Would you do it?

Question

I have a tenant who wants to extend for three months. He has been a great tenant. My main concern is that if I allow that then I will have to find tenets in September. Is September a good time to find tenants? Thank you in advance.

LuAnn Leighton · Answer

@Vu Tran, I would extend as long as you are given the option to show the property In preparation of the lease ending.

Theresa Harris · Answer

It depends on your area as to when people are looking for rentals. If vacancy rates are low, it shouldn't be a problem. It also depends on the type of rental. Families will want to be settled in before school starts. If you are looking for a family, then extend the rent for 2 months, so it is ready before school starts.

Greg Carrier · Answer

@Vu Tran I would let them extend. They may extend again and I really have no problem renting houses anytime of the year and I am in northern Indiana.

Colleen F. · Answer

It depends on your area and unit size. I would charge extra and avoid anything that puts you in the Nov/Dec no matter where it is. Also consider the size of unit, a smaller house or apartment time of year may not matter but once you get into the school year families don't like to move as much.

Nathan Gesner · Answer

Explain the risk of a pending vacancy in September. Tell them you'll allow them to extend on a month-to-month basis for an increase of 20% to their rent. They can pay you or they can pay the consequences of leaving and trying to find a three-month rental in the summer in Denver.

Your job is to protect your interests, not make life easier for your tenants.

Joe Splitrock · Answer

September is usually ok, but in my experience once you get to November/December, it can be hard to rent until January. In my market, rents are higher in the summer because it is just a more popular time to move (better weather and the kids are out of school).

Tony Gunter · Answer

@Vu Tran

That can easily be distilled down to a number. Figure what that number is for you and go from there.

Regular rent + 30% per month. IDK your number, but you get the idea. Theses may flake out on you anyway in the end.

Brian G. · Answer

@Vu Tran September is not the best time in my market to fill a vacancy due to school starting but that may not be an issue for you.

Vu Tran · Answer

Thank you all for your replies. I will take them all into consideration. Have a good evening.

Alex S. · Answer

What is their reason for extending?

I have tenant who’s wants to extend for 3mo. Would you do it?

I have tenant who’s wants to extend for 3mo. Would you do it?

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