Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

User Stats

71
Posts
29
Votes
Chris Bingham
  • Investor
  • Sandy, UT
29
Votes |
71
Posts

Renewal notice offering less rent than they are already paying?

Chris Bingham
  • Investor
  • Sandy, UT
Posted

When a tenants lease is set to expire and you send them a notice of their options (I've seen many posts where 3 options are offered) do you ever offer an option that would allow them to pay less rent than they are currently paying. I advertise my rentals based on the price of a 1 year lease. However, I also offer 6 month and month to month if that better suits the prospective tenant (each at higher rates than the 1 yr lease). For example, my 6 month lease is $20 more than the 1 year lease. NOW, after 6 months and the renewal is up....I am looking at offering a 1 yr, 6 month, and month to month options for renewal...each with increased rent. However, the 1 yr lease would be less rent than their current 6 month lease is. Would you ever issue a lease renewal notice that offers the tenant the option to renew for less rent than they are already paying? Why or why not? 

Most Popular Reply

User Stats

13,926
Posts
12,727
Votes
Replied

Why do you believe a tenant on a 15 month lease will stay 15 months. My experience shows that tenants leave when they choose with little regard for the lease. If you read a large number of posts on here many are in regards to tenants breaking their lease.

My tenants on M2M never break their lease and always give me plenty of notice when thinking of moving, rarely less than 3 months. Tenants on a term rarely if ever give more notice than the minimum required and when breaking a lease usually no notice.

Loading replies...