College Student Rental Lease Renewals

[Richard Mercurio]

I signed my first student rental lease in May 31 2018 , immediately after i purchased the property. The lease is up this May 31 2019.  My hope is to resign with the existing students, all sophomores.  How and when should I approach the renewal, I want to lock in the new lease (formal agreement, not just a verbal they can then change there mind at the 19th hour) as soon as possible, and do i execute a new lease with a new first month rent and security deposit.  Any advise is appreciated.

[Tim S.]

In my market, the lease window is in the Oct-Nov time frame for the following School year.  I already have a signed lease for the May 2019 through 2020 period.  Sounds like you have that figured out.  I bought a property after the lease window, luckily I was able to AirBnB it, and cover most of my mortgage. 

The @ thing sends that person a notification.   Since I didn't tag you here, I'm assuming you are following this thread and will see this message.