School Year Lease

[Erin Owens]

Hello,

I am a newbie landlord and have two rental properties. I am getting ready to rent the second property beginning Sept 1 and have been asked to consider a school year lease, a lease that ends 5/31 each year instead of an annual lease. The tenant says this would be a mutually beneficial decision. I live in a college town but am targeting single moms with kids, not college students.

Does anyone have any experience regarding school year leases? Pros and cons? Would it make sense to increase the rent slightly to help decrease the possible loss of income for a term that would end three months earlier than usual?

Thanks,

Erin