New lease offered - Landlord Forum thread

New lease offered by Anna Mouse on March 28, 2012 @11:55

This is more of me sharing my story than really needing advice. Although as I go through this process I am open to opinions and suggestions.

We have a tenant in our single family home who has been an okay tenant. The fact that I get my rent is not an issue of extrodinary luck as I do screen my tenants so I would be shocked if someone making the 3X the income with a credit score of 700 allowed themselves to be evicted.

I have shared before that we are now $500 under market. Everytime we raise the rent to try to get closer to market we find that we are grossly under priced. We offered this tenant a new term lease for 1 year with an increase of $100. We also gave back the lawn mowing as in studying my market this is the norm.

$100 works out to be about 5%. We would not of increased the rent that much if we did not believe that we could find a new tenant who would pay more than that. We took into consideration that we may be empty a month so worse senario the new rent for a new tenant would need to cover that expense. The new rent would more than cover it. I am lucky and thankful to be in this situation. For the record there was a lot more invested than luck but either way here we are livng our dream in regards to that property.

So part 1 of this story is we sent the tenant a lease asking that we receive it back in two weeks time. Making sure they had 2 weekends to figure out what they wanted to do. I have not heard back from the tenants. I have been given the green light to drop an email to remind them that the lease needs to be in our hands by the 3rd of April. Also reminding them again that there current lease is term and as stated in the lease it ends on a set date. (anyone that would like the exact verbage that defines this let me know)

So would it seem like I was hassling the tenant by sending a note reminding him/them of the deadline? We do feel like we are in limbo but if we do not get the lease on the third then I suppose limbo is over. We would like to start the search for a new tenant sooner than later to lessen the time that we have to be empty.

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Re: New lease offered by Jake on March 28, 2012 @14:00	[ Reply ]

The problem is not a lack of sufficient notice. The thing is the tenants are sweating you out while they decide what to do. If the lease is not returned by your deadline, send your tenant a notice of termination and move them out. If you wait past April 3rd and take no action they you are allowing the tenant to tell you what will happen.

Re: New lease offered

Re: New lease offered by Greg on March 28, 2012 @18:25	[ Reply ]

If you are $500 under market and have a nice rental why would you want to renew (even with the $100 increase)? This isn't criticism. I just wanted to know why. :) Greg in Phoenix

Re: New lease offered