Landlording and leasing

[Jasmine Coley]

Hello , I have a question about lease renewals.

So when your tenants lease is days away from being expired and in the contract it says acting as month to month , do (you) as the landlord, draw up another contract so they can sign a new lease? And if yes, would they they have to give another security deposit? Also if yes, let’s say they’ll be your tenants for 5yrs would you have to keep doing the renewal process each year ?

Btw.-same tenants -

[Daryl Luc]

I do not allow month to month in my leases.  All leases have a 60 day end of lease notification stipulation that applies in both directions.  I have to give notice no later than 61 days before the end of the lease that I will not renew, or produce the new lease at that time if I'm willing to renew.  Tenants have the same obligation, let me know before 60 days their intentions, or they forfeit their security deposit for that lease period if they are leaving.  If they want to stay, I can be flexible.  Each new lease must be signed 30 days prior to the end of the current lease and any new security deposit amount must be paid prior as well.  In  my state, the security deposit can only be equal to or less than one month rent and I always take advantage of that at renewal.

Why do I do it this way you ask.....I've yet to have a tenant only discover in the last thirty days of their lease that they are planning to move.  They start two or three months before the end of your lease, minimum.  More if they are buying a house.  Month to month guarantees the most notice you will get is 29 days.  I want a reasonable amount of time to get a new tenant as close to day one of the vacancy as possible.  It takes time to get a good tenant, with an application, and a credit and background check in hand plus contact prior landlords or references.  If I have a tenant that is buying a house and the move in doesn't comport with their move out as my tenant, I make them pay, on a short term lease rounded up to the next full month in advance.  This is known to them upon the initial lease signing.  Their choice...pay to stay or move into someone's basement for a month or two.