Lease end dates in a college town

[Kelly N.]

Hello BP Nation-

So here's my situation. We now own two triplexes in a college town. Most lease terms in the area end around August 25 (I have one ending on the 23rd, two on the 25th), classes start September 4. I am wondering when the next round of leases should end.

I want a couple of days to change locks, clean, and paint, perform some minor maintenance so my new leases would be starting by August 28 this year, giving the students time to move in prior to classes starting. If they are one year terms, ending August 28 next year, that is starting to make time between tenants pretty tight to get them in their prior to classes starting Sept 2.

So, what do you think of having the leases ending a week prior to classes starting every year? If students are graduating or if they go home for the summer, I would think shaving a few days wouldn't be an issue to them. If they are staying in the apartment for the next year, it shouldn't be a big deal either. In the following years, class won't start until Sept 8 and then Sept 6 (day after Labor Day) so it wouldn't be as big a deal those years.

Next question- I have two units with one year leases just ending or about to end, so they are or will be on a month to month term as per their lease with the previous landlord. One says he wants to sign up for another year, but hasn't scheduled a time to sign the lease, the other is graduating and if he finds a job local enough wants to sign another year lease. If they are month to month, should I be ending these leases at the popular time (late August) or is it better to just keep them in place and find a tenant when necessary? Out of my 6 leases (all inherited with the properties we purchased) only two started in August. I don't think the previous landlords had too much trouble finding tenants in the off season. From watching ads on craigslist and stalking the listings on the website of the largest property owner/PM in the area for the past 8 months, I am wondering if there is an advantage to having one of few listings in the "off season" instead of having a listing when there are a bunch at the same time. While this is a college town, there are plenty of non student tenants (2 of mine) and both of these units are further from campus thus more appealing to the non students.

So, thanks for reading all that, and what do you think?

Kelly