Lease renewal question

[Kim Parker]

Hello bigger pockets peeps!

We have self managed a couple properties for the last few years. One of them is up for renewal in a few months and I have a specific question I wanted to see what others would do.

We have a great couple who have rented our property since 10/2022. They broke up a few months ago. Thankfully, they decided to honor the lease agreement and split payments even though one has moved out. We are at lease renewal time, we will raise rent $50-$100 to match market pricing. I like our renter and would like him to stay... from our last inspection--he is taking good care of the property and has good communication and never a late payment.

Would you verify income before renewing the lease?

If he does not meet the criteria (3x rent), would you allow a cosigner or a roommate?

Thanks!

Kim