Re: New lease - Landlord Forum thread

Re: New lease by Anonymous on February 18, 2012 @13:52

The only thing you can do is offer them a renewal of the lease and if you have material changes, such as raising rent, or other changes, then you would disclose that within the renewal offer and of course add the new terms in the new lease they will have to sign. If they don't agree, then it's time for them to move on. Don't cave into them on items that you are against just to keep them. We have a clause in our lease that basically states that any decorative or structural changes for decorative purposes to the apartment is at the tenants expense and tenant must obtain LL's written consent. And such structure change becomes the property of the LL once tenant vacates. If my tenants want granite counters, then they need to pay for it themselves. Once they move, those counters stay behind. The tenant cannot rip them out.
Tenants can and will ask for anything and everything thing they can think of if they feel they can get away with it. Some are sincere and if you decline it, then they are respectful. Some get vindictive and keep demanding for more stuff or try to turn it on you and stop paying rent because of some imaginary problem that they feel is so great they shouldn't pay rent anymore.
Basically, if the stress of their potential demands and the current strain has reached a level you feel is not worth it to your peace of mind, then don't offer a new term.
If you want to keep them, but not be locked into a year lease with them, let the tenancy roll into a month to month agreement. That way. if it worsens, you can give them the proper notice without waiting a year. Check with your state's laws to see if leases automatically become month to month once the term is over and a new lease isn't signed.

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Re: New lease by Anonymous on February 18, 2012 @14:53	[ Reply ]

That was one of my questions is if I should mention that the rent will increase to X. Thanks for your kind thoughts and reply. If there is stress due when and if they have more demands then maybe I need to be more absolute about my no? Might the peace of mind come from me being firm? In my state there is no way I want to have a vacancy in the winter. I plan very carefully to be sure my lease renews in the summer time. It is a term lease so in my state and because of the lease it ends with no question at the end date. I have inserted in my lease a) it ends at the end of the term b) I have the option of giving them 90 days notice that they will be offered a new lease. I know 90 days is a lot but it is very fair to both parties. P.S. They already have granit countertops, hardwood floors and nifty appliances. :) We have invested a great deal and any other investments would be on our timeline.

Re: New lease by Jake on February 18, 2012 @20:03	[ Reply ]

"I plan very carefully to be sure my lease renews in the summer time." You are correct in your plan. It is all the more reason not to allow your tenants to dally. Either they sign or move out. There is no middle ground. Again, make it clear that there will not be any new upgrades or remodeling during the next lease term. The rental is being offered as it is now. Here is what you need to keep in the back of your mind. Renters are just another class of homeless. Homeless people do not get to dictate how landlords spend their money. You are in the diver's seat. Push on.