How to get existing tenants to sign new lease?

Question

My wife and I just purchased our first duplex. I need to get the tenants on our own lease. Any ideas on how to approach this? Where to get a good lease? How to raise the rent (it’s over $200 below market right now)

Nathan Gesner · Answer

You can always sign a new lease or change an existing lease as long as both parties agree to it. If you feel they won't be agreeable, you have to give them sufficient notice. In most states, 30 days is sufficient for a tenant on a M2M lease.

Anthony Paul Guglielmi · Answer

@Theresa Harris sorry. Thought I mentioned it. It is a M2M.

Theresa Harris · Answer

@Anthony Paul Guglielmi Are they on an existing lease? If so, get them to sign the new one before it expires. Check the terms of the lease to see if you need to do it 30 or 60 days before it expires. With rent increases, again you need to give them notice based on the lease and your local laws. You won't be able to increase it until their current lease is done.

If they don't have a current lease and are month to month, then 30 days' notice is typical in most areas.

How to get existing tenants to sign new lease?

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