First-time landlord? We thought so.
Becoming a landlord can be challenging. From finding and screening tenants to collecting rent and working out lease renewals, the life of a landlord is always busy.
But, let's help you avoid the common pitfalls and talk about the lease renewal notice period. When your tenant's lease is coming to an end, it's time to decide whether to renew the lease or not.
Either way, you need to know about lease renewal letters and the notice period before sending them out. Keep reading to learn more.
1. What to Consider Before Offering Lease Renewals
You should always renew a lease to tenants who pay rent on time and respect the property and the neighbors.
If you consider a renewal letter offer to a not-so-great tenant, decide whether you can afford the issues and stress associated. More often than not, the answer is no.
2. When to Offer a Lease Renewal to Tenants
This period of time will usually be specified by state law. But, as a rule of thumb, you should offer a renewal of the lease 90 days beforehand.
That way, the tenant has enough time to respond. And if they decline, you have enough time to find a new tenant.
3. How to Offer a Lease Renewal Letter
The best way to offer a renewal release is via email. It's the safest and quickest method of transport. You'll start your renewal letter off by outlining the details of the new lease so there is no confusion.
This will include the rent terms, including any new changes like an increase in price, and lease dates. Then send it off for your tenant to sign. It's as easy as that!
4. How to Send a Notice of Non-Renewal of Lease
There are times where you won't feel comfortable renewing a lease for one reason or the other. And this is where a notice of non-renewal comes in. If your relationship with your tenant isn't as you hoped it would be, it might be best to end the lease.
If you decide not to renew your tenant's lease, you will need to send a termination letter within an appropriate notice period. This is usually 90 days before the lease end date.
The Importance of a Lease Renewal Notice Period
As a landlord, the best thing you can do is make your tenant aware of their lease renewal status within the timeframe of the lease renewal notice period.
Whether it's a lease renewal letter or a lease non-renewal letter, it's important to follow the guidelines of your state.
But, if you're still finding that you have more questions than answers, it's time to align yourself with someone who knows it all. And that's by choosing a quality team of experts like Blue Ribbon Property Management.
When it comes to property management, we're worth our weight in gold. So, let us handle your rental property, so you don't have to. Contact us today.