rent increase notice, vs. new lease

[Sami Gren]

hi, i was wondering what you guys think.

i was looking around since i am about to renew leases with several of my tenants, andi am always looking for new stuff.. and  i came across 2 different types of documents, 

1) is a rent increase notice, where you let them know that the rent will increase

2) is a nice letter  that i have attached a new lease, and if they agree to the terms they should sign, (and in the new  lease i just write in the new amount......) and if not, they should let me know.

what are the pro and cons of each of them, and which  of them do you prefer to use?

[Nathan Gesner]

1. I'm worried that you're just looking around for documents without really understanding what you're signing. There's nothing wrong with borrowing someone's good idea but it's dangerous to grab a form or contract off the internet and start using it without a review from a local attorney.

2. It doesn't matter which you use. I use a single-page renewal form that includes the new rate, new inclusive dates, and any other applicable changes. If you have more than a few changes then I recommend using an entirely new lease.

[Sami Gren]

Originally posted by @Nathan Gesner:

1. I'm worried that you're just looking around for documents without really understanding what you're signing. There's nothing wrong with borrowing someone's good idea but it's dangerous to grab a form or contract off the internet and start using it without a review from a local attorney.

2. It doesn't matter which you use. I use a single-page renewal form that includes the new rate, new inclusive dates, and any other applicable changes. If you have more than a few changes then I recommend using an entirely new lease.

  thank god I know what I'm looking for,  

is your worry that I'm looking for documents without understanding,  based on something,  or you were just venting after a tough day of work?

I'm just asking because I didn't see why looking for new stuff is a contradiction to  understanding. ... (for me it's just about learning new things every day "the wise know you can always become wiser")

so I'm wondering if I was missing something. 

  Thank you

[Nathan Gesner]

@Sami Gren Sounds like I didn't come across as intended.

#2 should answer your question so I'll leave it at that.

[Steve DellaPelle]

@Sami Gren Most landlords want at least 60 days notice if a tenant is deciding not to renew their lease. Therefore, it is a good idea to send the tenant their renewal options greater than 60 days in advance. If they are paying $1,000/month right now then offer them a renewal @ $1,100 (or whatever you deem fair/market rent). Once they give you an answer you can send them a brand new lease with the updated amount and have them sign and return it back to you prior to their current lease termination date.

[Kelly N.]

I send out a notice stating what the new rent will be, and give them some time to decide what they want to do.  If they want to stay, I bring a new lease for them to sign (usually I drop it off and have a deadline for them to sign it by).  If they plan to move on, I start marketing the apartment.

Timing will depend on your market, but in our area we are leasing for August move ins starting in February, some companies are earlier than that.  So, I send out the rent increase notices in February, give them 3-4 weeks to give me an answer, then start marketing in March.  If they plan to stay, I have them sign the new lease by March 31, that way if they were just stalling I am still marketing at the right time.