Extend tenants for 1-year or give month-to-month option?

[Fran Flanagan]

Hello all, I'm new to this, renting out my old SFH when I bought a new place. Halfway through the lease, things going well so far. The current tenants, a young couple,take great care of the place, always pay on time, etc.

My rental place is in a popular place for young professionals. I had 7 groups come for the only showing I did, 2 days after listing it on Craigslist, 4 put in applications and all were qualified. I rented it for $1600/month which seems in line with the area. From comments received, my place is towards the upper end of quality in the area, so probably could get a bit more ~1700-1750 perhaps. The lease ends in July and I would prefer to keep it on a one year cycle so as to keep vacancies in the summer when demand is highest.

The one tenant took a new better paying job and has an hour commute. Philly area so this is not abnormal but 20-40 minutes is most common. When they signed, I was clear that I didnt want to do month to month but I think that it's likely that they'll at least inquire again about month to month.

How much benefit is there to renting in summer time? Am I overvaluing this?

If I give them a month to month option, how much more would be reasonable / typical to charge? They are excellent tenants, don't want to chase them off. Also, what kind of notice can I require?

Any other ideas I've missed?