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Updated about 5 years ago on . Most recent reply
How to avoid lease renewals in winter?
After a successful rehab, I am about to put my rental property up for listing. Of course, timing is less than ideal given we are in the middle of winter when the rental market is very slow moving. This is also less than ideal when thinking about rent increases when the leases are up. I am wondering what strategies you are following in that instance. I have heard several investors mention either 6 months or 18 months term leases, which would push the renewal into the summer months. Both seem to be challenging either I have to pay my PM lease renewal fees after 6 months again or it will be difficult to find tenants who would be willing to lock down a 1.5 yrs lease while still paying rent on the higher end. Any thoughts or recommendations? Thank you!
Most Popular Reply
@Bastian Kneuse, when I was in apartments there were no troubles finding someone willing to commit to a long term lease. Shorter terms were more difficult to find since most people do not want to move out after a few months. You can always create a 14-month lease that will take you into spring. In my few years of experience renewals in the winter were always at its highest.
I hope that helps