 Auto Renew/Hold over (by Jason [VA]) Apr 12, 2018 2:17 PM
 Auto Renew/Hold over (by plenty [MO]) Apr 12, 2018 3:15 PM
Auto Renew/Hold over (by Landlord ofthe Flies [TX]) Apr 12, 2018 4:02 PM
Auto Renew/Hold over (by fred [CA]) Apr 12, 2018 4:11 PM
Auto Renew/Hold over (by myob [GA]) Apr 12, 2018 5:38 PM
Auto Renew/Hold over (by BRAD 20,000 [IN]) Apr 12, 2018 8:17 PM
Auto Renew/Hold over (by Jason [VA]) Apr 13, 2018 3:58 AM
Auto Renew/Hold over (by NC INVESTOR [NC]) Apr 13, 2018 8:44 AM
Auto Renew/Hold over (by Jason [VA]) Posted on: Apr 12, 2018 2:17 PM
Message:
After listening to everyone's knowledge throughout the years, I've converted my lease to an automatic renewing lease.
Now that I've done that, should I remove the "Holding Over" section from my lease? I'll include both sections below. Also, please feel free to critique/add/take away from either section:
HOLDING OVER Any holding over after expiration hereof, with the consent of the Owner/Agent, shall be construed as a month to month tenancy in accordance with the terms hereof, as applicable. The terms and conditions of this lease will continue to apply.
45. AUTOMATIC RENEWAL This lease shall automatically renew each year on the anniversary date with a 2.9% cost of living increase, rounded up to the nearest five dollar denomination unless either (a) the Tenant has provided a signed Notice of Intent form to the Owner/Agent and has followed the guidelines outlined in Section 25 of this agreement, or (b) The Owner/Agent issues a Non-Renewal notice to the Tenant no less than 30 days before the renewal date.
Could these two clauses be seen as contradicting one another?
--174.226.x.xx |
Auto Renew/Hold over (by plenty [MO]) Posted on: Apr 12, 2018 3:15 PM
Message:
Seems like they are to me. Even if they hold over the rent increases... But the month to month or year on terms is not clear. --99.203.xx.xxx |
Auto Renew/Hold over (by Landlord ofthe Flies [TX]) Posted on: Apr 12, 2018 4:02 PM
Message:
They do especially in the parts that the holdover does not involve a rate increase and the automatic renewal does. That will create problems. --108.69.xxx.xxx |
Auto Renew/Hold over (by fred [CA]) Posted on: Apr 12, 2018 4:11 PM
Message:
One flaw that I see right away is the automatic 2.9% increase, which could be limiting you if we have higher inflation.
I prefer to offer a new lease, if they refuse, they will be on month to month.
Each agreement has advantages and disadvantages for the LL.
All my tenants are on month to month, none is leaving, and rents go up more than 2.9% every 12 months.
After the last tenant who left, 3 years ago, I raised the rent by 12% and filled the vacancy w/o any difficulties. --99.59.x.xxx |
Auto Renew/Hold over (by myob [GA]) Posted on: Apr 12, 2018 5:38 PM
Message:
I don't like the auto increase either. 45 days before the lease expires you should be sending lease renewals with what your offering. renew for year a same or whatever you deem the increase to be. 2nd is option to go month to month with min of 10% increase and option 3 leaving. send return envelope for them. Leave hold over paragraph. --99.103.xxx.xxx |
Auto Renew/Hold over (by BRAD 20,000 [IN]) Posted on: Apr 12, 2018 8:17 PM
Message:
Jason,
Congrats on stepping into the 21st century of LLing!
The auto renew and auto increase makes me THOUSAND$$$ each year.
Yes, as worded I believe your clauses conflict. The Holdover needs to set a high daily rate such as $100 per day like the realtors use. (Unless your rents are $3000/mo!)
I’d drop the part about MTM.
BRAD --68.51.xx.xxx |
Auto Renew/Hold over (by Jason [VA]) Posted on: Apr 13, 2018 3:58 AM
Message:
Brad, if memory serves me correctly it was your advice that got me to step into this direction, so thanks!
I've removed the M2M wording and changed it to a 150% per diem (which is all we're allowed in VA). --170.224.xx.x |
Auto Renew/Hold over (by NC INVESTOR [NC]) Posted on: Apr 13, 2018 8:44 AM
Message:
We only have annual leases and if they fail to give notice 60 days before their lease ends it auto renews for another year. I don't like the idea of a preset rate increase since I have no idea what the market will be in a year.
In NC it is illegal for a lease to auto renew without notice so I send renewal notices out 75 days (gives them 2 weeks to respond) reminding them of the end date along with the new rent rate if they choose to stay. If they don't respond then it renews at the new rent.
--71.75.xx.xx |
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