How do I handle both an extension and a contract termination

[Jean-Marie Poth]

I am getting ready to present my first MTR and am wondering about extensions and terminations.  If a tenant would like to extend, how does one keep the booking calendar open for that possibility without losing potential new tenants.  Likewise, if a tenant's contract is terminated early, what is the best approach regarding the lease obligation?  Thank you to all!

[Melissa Hartvigsen]

Hello @Jean-Marie Poth!

I have been running a midterm rental for more than three years. When someone books, I ask if they would like a fixed term lease without the option to extend, or a month-to-month agreement.  My contract for people who select the month-to- month option says they must provide me a 30 day notice prior to vacating. If they leave without the 30 day notice, they are obligated to pay rent for 30 days, or until I find a replacement tenant.  Only once did someone leave without giving a 30 day notice, and I had someone new book to 10 days after they left.  I received payment for the 10 days without issue.

I have found that most travel nurses want the fixed term lease because their contract ends on a specific date and they don’t plan to stay beyond that. Other professional travelers seem to prefer the month-to-month option so that they have the flexibility to extend.

I communicate to the month-to-month traveler upfront that I have my listing posted and available, so other people may inquire.  When I receive a booking request, I contact the current traveler and ask if they would like to stay another month or if I should accept the other booking.  If they opt to stay, I update my calendar availability for one month from that date. The system has worked really well for me.

best wishes,

Melissa