Lease renewal -- how do you prevent nearing the end of the lease?

[Maria G.]

Hello,

I would like to know what others do when it's time for a lease renewal. When you inform your tenants of the new terms (presumably 30-60 days in advance), how much time do you give them to think about it? How do you proceed if they do not agree to the new terms? Do you immediately serve them a "notice to vacate"? 

I want to give them a reasonable amount of time to think about it, while not falling in a situation where I near the end of the term because that would mean that a "notice to vacate" would essentially add 30 days to my desired lease-end date, which I avoid because the property is located in a very sought-out school district, so right before the summer is when most of the movement happens.

Thanks.

[Brandon Rush]

Quote from @Maria G.:

Hello,

I would like to know what others do when it's time for a lease renewal. When you inform your tenants of the new terms (presumably 30-60 days in advance), how much time do you give them to think about it? How do you proceed if they do not agree to the new terms? Do you immediately serve them a "notice to vacate"? 

I want to give them a reasonable amount of time to think about it, while not falling in a situation where I near the end of the term because that would mean that a "notice to vacate" would essentially add 30 days to my desired lease-end date, which I avoid because the property is located in a very sought-out school district, so right before the summer is when most of the movement happens.

Thanks.

 Hey Maria,

I actually send out a notice of rent increase and lease renewal 60 days prior to their lease ending. This notice basically tells the tenant how much the rent is going up and gives them the option to accept the rent increase or deny the rent increase and specify the day they will be moving out, prior to the lease end date. It also specifies that failure to sign this notice before a certain date (usually 30 days before their lease expiration), will result in a notice to vacate being sent. If they agree to the rent increase, I simply send them a lease renewal document to sign. If they state they will be leaving, I would still send them a formal notice to vacate. I would recommend you putting these dates in your calendar as reminders so you do not forget.

I hope that was helpful and good luck!