Rental Term Question

[Neera Melwani]

Hi BP! I have a SFR rental in Austin and it is currently occupied by 4 roommates, and their lease is up at the end of July. 3 out of the 4 tenants would like to renew their lease, and they found a fourth roommate to cover the vacancy. The new tenant doesn't want to move in until October 1 because of her other lease, and the tenant who is leaving agreed to stay an extra two months to cover the delta. Would it be beneficial to me to have them do month to month for 2 months, then start a new lease starting Oct 1? My hesitation there is that I know summer is a great time for people to move so if they decide to not renew next year it could be easier to fill the spot in August rather than September. But, I also get two more months committed if we go through September. What would you do?

[Victor Steffen]

I would renew the lease with all 4 current tenant names on it. In October cross out the old roommate's name and write in the new one. Have all tenants initial the change. This way you don't get caught holding the bag if that 4th roommate decides NOT to move in in October and the obligation falls to existing roommate to find the replacement for their portion of the lease.