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Updated about 6 years ago,
Tips for avoiding having to turn over tenants during winter/fall?
I just read through a BP blog post about how to avoid potentially long vacancies for tenant leases that end in the fall/winter.
I'm closing on the rental property at the end of this week, in December. One amazing tip for owners closing on rental properties in the fall/winter was to have the first tenant's term end/renew in June, so I can take advantage of the peak moving season.
Therefore, it looks like I'll need to...
- Modify the first tenant's lease agreement to state that the lease would end on May 31st (or 6 mths from the date of the agreement if, for instance, I find the tenant in the middle of January)...
- ... and also inform all prospective tenants, in advance, that the first lease will be 6 mths long but every successive lease term would be 1 yr long.
Sound about right? Am I missing anything? I don't see any prospects taking issue with this as long as they have the option to renew their lease (provided we have a good landlord-tenant relationship during the first shortened term).
Thank you in advance!