Tenant Requesting Shorter Lease

[Jamie Wheeler]

I had a tenant sign a year lease, and I recently reached out to ask if they intended to stay another year, to which they responded by asking if it would be possible to shorter the lease length to 6 months.  Previously they had asked if I was interested in selling the home, so I believe they are looking to purchase a home and don't want to be locked in to a year lease. Of course, they could end up not buying a home and signing again.  

A couple of additional notes on the topic:

- The property currently rents for $2k/month

 - I intend to raise the rent 2-3% if a year lease is signed

- If I were to agree to a 6-month lease, they would move out mid-January (not ideal)

I were to agree to the 6-month lease, what is an appropriate monthly increase for the shortened lease and unfortunate timing? Curious to hear thoughts on the situation as a whole.

[Jared Hottle]

that biggest fear I would have in this situation is when it will turn over. I think you will need to get a premium if they do decide to move out in January. I believe how much depends on your area. My friends in Iowa signed a 6-month lease and paid about 20% more per month then a year lease. I would say see if they would be willing to sign a 9-month lease at the same rate. this will allow you to likely rent out 1st of April when people start moving. Also could be good to mention to them as well that moving in March will be way better for them then January. Good luck!