Strategic Leasing - 6mo / 18mo

[Tony Castronovo]

I picked up a property that is probably a better flip than a rental.  But I plan to rent it.  It will go on the market in December.  It's a tough time of year to list a property, for rent or for sale. But was thinking that a standard 12 month lease is going to box me into a challenging cycle every year.  I am thinking of pushing for a 6-month or 18-month lease so that it becomes available in the peak spring-summer months...giving me a better chance to sell or to attract tenants. 

Has anyone had success with this approach?  Did you offer any incentives?  If you did a six month lease did you raise the rent after the term?  Did you offer a 12-month lease after the initial 6-month term?

[Jerry W.]

When I rent in the dead of winter I try to be as competitive as possible.  s below zero in a bad year and I want to make sure I get it rented and have someone else pay the heat bill.  I set all of my rentals to come due in the summer and require a 60 day notice to move out in the winter months after the tenant has gone month to month.  The only problem is when you have 8 or 10 units all open up the same month.  I now stagger them across several summer months beginning in May.