Sell or Renew Lease?

[Preeti Sampath]

Good morning BP

Our rental property is due for a lease renewal in September and we had already notified tenants that we were planning to sell earlier this year when they asked us if they could renew. Looking at the market now and the change in how buyers and sellers have been affected, we've been considering are options. The tenant lease ends on September 15th and we would be able to put the house on the market only after they leave. Is it better..

a) To proceed with the sale of the property post September 15? If so, what are some things that you would consider in this market?

b) To renew the tenants lease for another year and see how the market behaves? If so, how do you think recession will affect future market in your opinion? 

Thank you in advance for all your thoughts and opinions. 

Preeti

[Nathan Gesner]

If you hold onto the house, there's a good chance you'll need to keep it for another 3-5 years for the market to fully stabilize. Mortgage rates are increasing so rapidly (50% in the past six months) that September may already be too late to take advantage of the hot market.