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Excuses!

month to month by Robert on January 25, 2019 @10:10

                              
I have let a 6 month lease expire as of last April for a tenant that has been with me for 6 years prior.
He is a prompt payer and super tenant.
Since he has continued to make payments with no intention to leave, I am considering a month to month option but I do not know how to offer it to him now since I forgot to send him a lease renewal back in April.
Any ideas ? and what about the rent amount, he is currently under market rate and has been for a few years.
thanks
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Re: month to month by Garry on January 25, 2019 @10:57 [ Reply ]
You did not say what state you are in, but you are probably already on a M2M lease. If you let a lease expire, without renewing it again, all states have to have a law that addresses that. You need to check your state's LL/T laws to be sure. If you check that out and it's true, you do not need to do anything in regards to signing a new lease. It just keeps going and going like the Eveready Bunny.

As for a rent increase, you will have to give your T at least a 30 day notice of the increase, and preferably a 60 day one. How much of an increase is up to you. If you say your T is paying "under market" rent, that is probably why he is staying so long. So, how long your T continues to stay with you, will depend on how much you increase his rent. I have 20 SFHs I rent out, and all are on M2M leases from day 1. 4 of them have been with me for 8-18 years, and are all are "under" market rent. I raise their rents about every 4 years, but they are still under market rent at each increase. Remember, any big increase in rents, will be lost if your T moves out, and you have to do cleaning, repairs, etc, and also find a new T. Basically, it all comes down to what amount of increase each of you can live with.

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