auto-renew clause (by David [MI]) Mar 13, 2018 6:49 AM|
auto-renew clause (by S i d [MO]) Mar 13, 2018 7:02 AM
auto-renew clause (by David [MI]) Mar 13, 2018 7:07 AM
auto-renew clause (by Sisco [MO]) Mar 13, 2018 1:15 PM
auto-renew clause (by NC INVESTOR [NC]) Mar 13, 2018 2:14 PM
auto-renew clause (by BRAD 20,000 [IN]) Mar 13, 2018 9:33 PM
auto-renew clause (by WMH [NC]) Mar 14, 2018 4:20 AM
auto-renew clause (by David [MI]) Posted on: Mar 13, 2018 6:49 AM
if your lease has auto-renew, how do you word the clause?
I am considering adding auto-renew to my lease, but have several concerns
1) rent increase. Do you have a fixed dollar amount that the monthly rent goes up ($25 for example) or a percent (2.5% for example)? if you have percent, do you let the tenant crunch the number or do you give them a notice what the new amount is? how do you handle rounding, nearest dollar?
2) do you put any conditions on the lease auto-renewing? For example, making sure the water bill (billed to property) is paid up, proof of renter insurance etc?
3) Is it enough for just one of the tenants to notify you not to renew the lease?
4) how is your consent granted? same deadline as tenants?
auto-renew clause (by S i d [MO]) Posted on: Mar 13, 2018 7:02 AM
Our lease auto-renews on a M2M basis, unless we do something to the contrary. The verbiage is simply worded to the effect of, "unless we receiving notice that you will be moving out at the end of the lease period, the lease automatically rolls over to month to month."
We don't auto-increase rent. I prefer flexibility. I send out the rent increase notices 45 days in advance. In Missouri, a 30 day notice to terminate is all that's required.
I know some favor the year lease renewal, and that's great! M2M works well for me. I've had a few occasions where I was able to use the flexibility to my benefit, and many of my M2M tenant stay 3+ years. --173.17.xx.xx
auto-renew clause (by David [MI]) Posted on: Mar 13, 2018 7:07 AM
yes, I refer to auto-renew for a year. If my market allowed for M2M, I would not be too concerned since I can give them notice to vacate. But I am concerned about losing control and not being able to clearly say their lease is not being renewed. --12.47.xx.xxx
auto-renew clause (by Sisco [MO]) Posted on: Mar 13, 2018 1:15 PM
I use Brad20k’s lease. Auto renewal with 2.9% increase. I text the new amount.
Keep in mind there is an elt provision.
These lease terms help slow the turnover and at least get me more advanced notice of an upcoming vacancy. --72.172.xxx.xx
auto-renew clause (by NC INVESTOR [NC]) Posted on: Mar 13, 2018 2:14 PM
wWe do not give an auto increase rate. We send a notice out 75 days prior to expiration (we require 60 days) notifying them of the new rent if they elect to renew. Below is the renewal terms in the lease.
Termination and Renewal: EITHER LANDLORD OR TENANT MAY TERMINATE THE TENANCY AT THE EXPIRATION OF THE INITIAL TERM BY GIVING WRITTEN NOTICE TO THE OTHER AT LEAST___ DAYS PRIOR TO THE EXPIRATION DATE OF THE INITIAL TERM. IN THE EVENT SUCH WRITTEN NOTICE IS NOT GIVEN OR IF THE TENANT HOLDS OVER BEYOND THE INITIAL TERM, THE TENANCY SHALL AUTOMATICALLY BECOME (PERIOD) TO (PERIOD) TENANCY UPON THE SAME TERMS AND CONDITIONS CONTAINED HEREIN. THEREAFTER, THE TENANCY MAY BE TERMINATED BY EITHER LANDLORD OR TENANT GIVING THE OTHER_________DAYS WRITTEN NOTICE PRIOR TO THE LAST DAY OF THE FINAL PERIOD. --71.75.xx.xx
auto-renew clause (by BRAD 20,000 [IN]) Posted on: Mar 13, 2018 9:33 PM
This will probably be part of my presenatation at Convention in May.
Imcreased my income by $3460 each month.
auto-renew clause (by WMH [NC]) Posted on: Mar 14, 2018 4:20 AM
I don't auto-renew for an annual term because I like flexibility AND I like to change my lease regularly based on events that happen and advice I receive and ideas I get here!
I DO re-sign a new lease for another annual term for tenants I want to keep. I send notice (simple notice, text or email) about 60-70 days out asking if they want to sign a new lease. Most do and we will set up an appointment for an annual inspection and lease signing.
If they are choosing NOT to sign again, I get that cushion of notice instead of the less-than-30-day notice that some tenants use... --50.82.xxx.xx