When to Ask Tenants to Renew a Lease
Good tenants are a landlord’s bread and butter, because they bring in rental income that is critical to a rental property and business. As a landlord, you want to secure tenants, especially good tenants, for as long as possible, so that you are guaranteed rental income for the foreseeable future. As their lease goes by, when is a good time or the “right” time to ask your tenants when/if they are renewing the lease?
In short, as a landlord, you should ask your tenants about renewing the lease two the three months before the lease ends. In case the tenant wants to leave, this gives you plenty of time to market the rental unit and show it to prospective tenants. Also, in general, most people tend to look in advance for a place to live, so you will have a bigger pool of people and timeline if you start your search for new tenants earlier.
To ask your tenants about lease renewal, send them a letter or email telling them it’s lease renewal time and give them a deadline to let you know if they plan to stay or leave. In this letter, you can also let them know if the rent or any other expenses/fees will be changing. You can even express to them how you are willing to give them a discount to renew (for being good tenants) over the price you’d give a new tenant. Let them know if they plan to leave, you will immediately begin the tenant search and will need to show their unit for showings.
Life can change fast, so it’s not a good idea to ask too far in advance, because sometimes it’s hard for tenants to see that far in the future. Plus, prospective tenants are not really looking for a rental unit that far in advance.
At Quest Real Estate, LLC., as a Jacksonville property management company, we’ve worked with many landlords and rental properties throughout the years, so we know the market. If you’re not sure of how to handle tenant renewals, what to charge for rent, managing tenants or how to find new tenants, we should be happy to help!
Looking for a Jacksonville Property Management Company?
A landlord has many responsibilities and lease renewals can be the most stressful, because it’s important to keep quality tenants. Plus, the tenant placement process is difficult and time consuming. Property managers know how to properly manage a property, how to work on getting tenants to stay, and how to quickly and effectively finds new, good tenants if your current tenants plan on leaving.
If you need help with lease renewals or managing your property, a Jacksonville property management company can help you collect rent, price rent, market your property, and work with tenants. At Quest Real Estate, LLC, we have years of experience working with tenants and we can help you find ways to keep and attract new tenants so you can continue to grow your investment for years to come.
Our Jacksonville property management team develops a close relationship with tenants so there will be a better chance of them renewing with you.
With our aggressive marketing, advertising, property showings and background checks, we will find you great tenants. As a property management company, we prepare leases, have 24-hour emergency maintenance, collect rent, and more. We will work with you to find ways to better serve your tenants and attract new ones.
If you’re looking for a Jacksonville property management company to manage your property or find you tenants, let Quest Real Estate help you!
Contact our team at Quest Real Estate, LLC, by submitting our contact form. If you’d like more information on Jacksonville, or information on homes for sale or rent here in Jacksonville, Fl, call us at 904-373-9171.