Should I Renew Tenant’s One-Year Lease Or Go Month-To-Month?

0
Whether to renew tenant's one-year lease or go month-to-month is the question this week for Ask Landlord Hank who answers landlords questions

Whether to renew tenant’s one-year lease or go month-to-month is the question this week for Ask Landlord Hank. Remember Hank is not an attorney and is not offering legal advice. If you have a question for him please fill out his form below.

Dear Landlord Hank:

My tenants’ first year lease on my rental townhouse expires Oct 1, 2023.

Should I offer them a one-year lease renewal or switch them to month-to-month lease?

What are the pros and cons of yearly lease renewal vs month-to-month?

-Rome

Dear Landlord Rome,

Let me tell you how I look at my rental properties and why I like one-year leases.

I see my rentals as a money tree. I take care of them with regular maintenance, respond to tenant issues promptly and act fairly with tenants and treat them with respect.

I like to have my money trees producing fruit (MONEY) every month, and I know if I have an annual tenant I can count on that money for every month of the coming year because I’ve taken time to do proper background screening of my tenants and I know they are “normal” people who pay their bills and will take care of my property.

If I have a tenant that has fulfilled a 12-month lease and can’t sign for another year due to possible job transfer or maybe they are building a new home and it’s not ready yet, etc., I will extend a lease on a month to month basis BUT I require 60 days notice of the tenants last day so that I have enough time to find a good quality replacement.

If you are thinking about selling the property you might want to go month-month.  Just FYI, my longest lasting tenant moved in in 1998.

Sincerely,

Hank Rossi

Rent Sarasota

Owner/Broker

1000 East Avenue N.

Sarasota, Fl 34237

www.rentsrq.com

Each week I answer questions from landlords and property managers across the country in my “Dear Landlord Hank” blog in the digital magazine Rental Housing Journal.    https://rentalhousingjournal.com/asklandlordhank/

 

Whether to renew tenant's one-year lease or month-to-month lease is the question this week for Ask Landlord Hank who answers landlords questions
Landlord Hank says, “I will extend a lease on a month to month basis BUT I require 60 days notice of the tenants last day so that I have enough time to find a good quality replacement..”

Ask Landlord Hank Your Question

Ask veteran landlord and property manager Hank Rossi your questions from tenant screening to leases to pets and more! He provides answers each week to landlords.

Can I Monitor Tenant Smoking In My No-Smoking Rental?

Can I Limit the Number of People in My Rental?

Do I Have to Paint and Replace Flooring for a Long-Term Tenant?

A Tenant Poured Grease Down Drain Who Is Responsible?

 

Sign Up For Our Newsletter And Get Rental Housing And Apartment News And Helpful, Useful Content Each Week.

Previous articleGovernor Signs Revised Oregon Rent Control Law
Next articleApartment Conversions Stall, but Interest Remains High
I started in real estate as a child watching my father take care of our family rentals- maintenance, tenant relations, etc , in small town Ohio. As I grew, I was occasionally Dad’s assistant. In the mid-90s I decided to get into the rental business on my own, as a sideline. In 2001, I retired from my profession and only managed my own investments, for the next 10 years. Six years ago, my sister, working as a rental agent/property manager in Sarasota, Florida convinced me to try the Florida lifestyle. I gave it a try and never looked back. A few years ago we started our own real estate brokerage. We focus on property management and leasing. I continue to manage my real estate portfolio here in Florida and Atlanta.