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Updated about 8 years ago,

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? 

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