Shortening a Renewal Lease to End During Summertime
Hello, new to BP and first time poster here. I have a SFP with a lease expiring at the end of September 2019. The current tenants are planning to sign another lease. Would it be wise to setup the next lease with a 9-month duration (ending in May 2020) as a means of "resetting" the end of lease month? My thinking is more people are moving in June than October, so my pool of potential tenants would be greater.
Additional info:
The current tenants are on their second year-long lease, and plan to stay for another 1-3 years (so they say). Tenants are very clean and take good care of the interior, so if they left the property would be cleaned/move-in ready in about a week.
Thanks in advance for your recommendations/experiences!
Most Popular Reply
@Derek Donnell On the property I personally manage I give 2 year leases. My niche is medical students, don't have time to party and guaranteed money for 2 years. I tell them they won't get a rent increase in that time and they are glad to sign the lease. Why not see if they are willing to do a 21 month lease, especially if they are good tenants. Easier to rent in the summer, plus there will be more choices for them to rent or buy.