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Landlord Newsletter - Your Lease Renewal Policy

The LPA Newsletter April 22, 2014

Dear Fellow Landlord,

Control Your Renewals. One of the most neglected areas of being a landlord is staying on top of renewals, sending renewal or increase notices, and pre-empting unexpected move-outs or negotiations. I stress to you the importance of keeping an organized schedule of your lease expirations and a system of forms for renewals and non-renewals. It is better to be in control of the situation than to be unprepared.

"Fail to prepare... Prepare to fail."

In this newsletter:

  • How's your Renewal Rate?
  • What do I do when my tenant wants to leave?
  • Free Lease Renewal Form
  • Renewal Related Tips, Forms & Articles

Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month and an even more successful year ahead.
John Nuzzolese
John@theLPA.com

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Maintain and preserve the integrity of your lease with tenants who wish to continue their tenancy

Our LPA Lease contains a renewal section which already prepares and instructs the tenant how to give notice to vacate or renew and extend the lease term. Included in this section is also a place to enter the amount of rent increase.

to Lease Renewal at Essential landlord rental forms page with Apartment Lease rental agreement, rental application, eviction notices, lease form, lease purchase option, furnished lease, apartment lease, pay rent or quit, notice to vacate, notice to terminate tenancyThe Lease Renewal or lease extension form is to be used as a template in order for you to process renewals quickly and easily. Key parts of this form include:

  • Identification of the tenants and the premises (Include Tenants Social Security # if possible)

  • Sums up renewal agreement as in lease and confirms amount of rent increase if any. It is highly recommended to impose an increase each year, even if it is a small token increase. If you wait and increase a tenant's rent in a few years to catch up to current rents, he'll probably move or feel resentful. You'll feel like you have to explain and maybe even apologize. Remember, almost every tenant already feels like their rent is too high- no matter how great a deal it really is! So raise 'em every year gradually.

  • Advise tenant of new lease expiration date. Advise of date of commencement of new rent and amount of new rent payment.

  • Advise tenant of additional security deposit requirements if any. We usually raise security deposits proportionately with rents. The additional security deposit should be due with the first payment of increased rent.

  • Instruct the tenant of any brokerage and/or processing fees due at this time. (Only if previously agreed in lease)

  • Instruct tenant to sign and return renewal or send in Notice to Vacate form by specified date.

This form saves you the time of preparing a whole new lease, possibly having to meet with the tenants, and makes it easy to increase the rent.

Renewal Related Tips, Forms & Articles



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LPA FREE DOWNLOAD
Lease Expiration Approaching?
Notice to Renew or Vacate

Free Download!
Fillable Adobe PDF form!

Notice to Renew or Vacate

The Notice to Renew or Vacate is a combination form which can be used as a lease renewal form or a tenant's notice to vacate.



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What do I do when my tenant wants to leave?

When a tenant wants to terminate a tenancy, it is done in one of two ways. Either:

  • in accordance with the lease agreement, or
  • in violation of the lease agreement.

    If your tenant wishes to vacate tenancy properly, it usually means giving you, the landlord written Notice to Vacate in a time frame outlined by your lease agreement. Normally this allows the landlord enough time to prepare and find a new tenant for re-rental.

    The usual steps a lease abiding tenant would take to terminate tenancy are:

    1. Notify the landlord in writing within the proper number of days notice according to the lease. (Most leases require 30 days written notice before the last day of the last full month of occupancy, but many landlords require 60 or more days - In the absence of a written agreement, most states require a minimum of 30 days written notice.)
      Keep in mind that a tenant can only give a valid 30, 60 day or whatever notice during a Month to Month tenancy, unless that notice is coordinated with the expiration date of the lease.
      The LPA recommends having your tenants use the Tenant's Notice to Vacate Form found in our Free Forms area of this website. I give my tenants a copy of this form along with their copy of the lease agreement so they'll be able to give proper notice to vacate as agreed.
    2. After notice is given to vacate, you can....

    Click here to read the full article.


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