 LEASE RENEWAL (by Debi [OK]) May 10, 2018 8:50 AM
 LEASE RENEWAL (by Kim [TX]) May 10, 2018 9:39 AM
LEASE RENEWAL (by small potatoes [NY]) May 10, 2018 9:43 AM
LEASE RENEWAL (by BRAD 20,000 [IN]) May 10, 2018 10:26 AM
LEASE RENEWAL (by BRAD 20,000 [IN]) May 10, 2018 10:28 AM
LEASE RENEWAL (by Oregon Woodsmoke [ID]) May 10, 2018 10:48 AM
LEASE RENEWAL (by Debi [OK]) May 10, 2018 10:53 AM
LEASE RENEWAL (by Debi [OK]) May 10, 2018 10:55 AM
LEASE RENEWAL (by Debi [OK]) May 10, 2018 10:58 AM
LEASE RENEWAL (by Barb [MO]) May 10, 2018 12:12 PM
LEASE RENEWAL (by Debi [OK]) May 10, 2018 12:21 PM
LEASE RENEWAL (by Vee [OH]) May 10, 2018 12:23 PM
LEASE RENEWAL (by Jason [VA]) May 10, 2018 12:43 PM
LEASE RENEWAL (by Debi [OK]) Posted on: May 10, 2018 8:50 AM
Message:
State Specific Question About: OKLAHOMA (OK)
Tenants have been renting one of our houses for 12 months effective June 1st, 2017. They approached us by e-mail recently stating they would like to renew for 12 more months. I said 'great' I'll get the renewal lease ready and since our insurance increased this year there will be a $25 per month increase in the rent. The rent is $1,345/mo for 4BR, 2 bath, 3-car garage house built in 2009, 1,602 sq ft house. They are, by nature, very frugal and don't want to pay the increase. They also don't want to be on the hook for an entire 12 months b/c they may be ready to move out sooner (husband finishes dental school in a few months; wife is a new doctor so they may buy a house or relocate). I'm fine with working with them but told them the increase is less then 2% and is necessary and fair and they will be responsible for 12 more months however, if they move out sooner they can avoid the termination fee by just giving me 45 days notice and access to show and market the house before they leave. Silence. I sent the drafted renewal lease and they wanted me to delete the part that says they are responsible for 12-months. I told them 'you ARE' responsible for 12 more months. Silence again. So what if they refuse to sign the renewal? Maybe I don't care since a clause in the initial lease says it 'auto-renews'. But then there is nothing stating the new 12-month period... If they pay the increased amount June 1st should I just let them keep living there and be happy until I get notice they are leaving? I can't physically make them sign a renewal. If they don't pay the increased amount I guess I can assess it and start sending them statements - then take it out of their deposit at the end as rent not paid, correct? Ugh! --132.26.xxx.xx |
LEASE RENEWAL (by Kim [TX]) Posted on: May 10, 2018 9:39 AM
Message:
I would let them sign an month to month lease at the new rate. If they are good tenants, I'd keep them around and delay the turn-over for as long as possible. --23.30.xx.xxx |
LEASE RENEWAL (by small potatoes [NY]) Posted on: May 10, 2018 9:43 AM
Message:
Since they don't want a year commitment, why not offer them something you can live with (w/out the 45 day notice)? I've done this with winter in mind. Either wrap it up by Oct 1, or carry them till March/ April. I'd hold firm on the rent increase, in fact you could increase it more for a short term lease. Offer them a 3 month lease, or such.
Not knowing your state law, seems like you'd have to start the eviction process if they don't respond and you don't want to go less than 12 months, or stay and don't pay the increase. --24.194.xx.xx |
LEASE RENEWAL (by BRAD 20,000 [IN]) Posted on: May 10, 2018 10:26 AM
Message:
Debi,
Stay strong on the ELT. People pay it all the time. No need to wipe it away.
We don't negotiate on the annual renewal of our leases and people stay. This is MY property and these are the rules my company operates under. The rules are there for a reason - to reduce turnover and keep rent slowing in. These are the rules they agreed to when entering the initial lease but now their situation has changed and they dont' want to follow the rules.
They can pay the ELT at ANY time and leave at ANY time.
My lease is clear:
-Automatically renews with 2.9% Cost of Living Increase. Done. Nothing to discuss. No signatures to chase down. No hemming and hawwing.
-Automatic HOLDING OVER clause which states an increase if they stay over without a new lease.
Now, if you feel you MUST negotiate something, I'd offer them MTM with and extra $250 on the rent for a non-standard lease.
Remind them the rent goes up to that price on the anniversary date unless they sign a new 12 month lease.
Know that doctors are taught to GIVE orders, not TAKE orders. You're experiencing a face off of wills.
BRAD --68.50.xxx.xxx |
LEASE RENEWAL (by BRAD 20,000 [IN]) Posted on: May 10, 2018 10:28 AM
Message:
PS Debi,
We have leases to stay in control of our properties and business WHEN residents change their minds or life courses or life happens.
BRAD --68.50.xxx.xxx |
LEASE RENEWAL (by Oregon Woodsmoke [ID]) Posted on: May 10, 2018 10:48 AM
Message:
They don't want to sign a lease because they already know they have no intention of honoring it.
What time of year do you prefer your vacancies? If they move out the day after Thanksgiving, how long will it take to find a new tenant? If they move out 30 days from tida6y, how long will it take to find a new tenant? --174.216.xx.xxx |
LEASE RENEWAL (by Debi [OK]) Posted on: May 10, 2018 10:53 AM
Message:
Thanks for the responses. So when you let the 'auto-renewal' lease take over how do you control the end date? And if there is no end, how can you say they terminated early...? --132.26.xxx.xx |
LEASE RENEWAL (by Debi [OK]) Posted on: May 10, 2018 10:55 AM
Message:
We really need to rent in April-May. The area is over-saturated with rentals but we have no problem finding someone if it's spring time. I let them know if they'll work with me to get to spring 2019 there would be no early term fee but if they leave in winter and I can't rent it out before they leave then the early term fee applies. --132.26.xxx.xx |
LEASE RENEWAL (by Debi [OK]) Posted on: May 10, 2018 10:58 AM
Message:
I agree - they specifically asked by e-mail for a lease renewal from June 2018 to June 2019 - but after they thought about it I think the good Doctor (wife) had time to realize they may not want to actually be on the hook for 12 more months. I'm trying to work with them but communications stopped after I sent them the revised draft to review. --132.26.xxx.xx |
LEASE RENEWAL (by Barb [MO]) Posted on: May 10, 2018 12:12 PM
Message:
Just say no.
They are trying to be in charge. You are. They don't want to move knowing they would be looking at a short lease before either moving elsewhere or buying a home.
Just say, our company only offers annual leases. The increase is less than the annual cost of living increase in the area, and is not negotiable. Do you wish to sign the new lease, or do you plan to be moved out completely by May 30? Since you had originally stated you wanted a new annual lease, we offered you the minimum increase possible.
If is May 10, so this is less than the required 30 day notice that you are moving, but we'll begin making plans if you plan to move out. --131.151.xx.xx |
LEASE RENEWAL (by Debi [OK]) Posted on: May 10, 2018 12:21 PM
Message:
Thanks Barb - I can live with that! --132.26.xxx.xx |
LEASE RENEWAL (by Vee [OH]) Posted on: May 10, 2018 12:23 PM
Message:
Getting to spring 2019 is not what they want, what places here do is 10 percent increase going month2month, your lease is already set to automatically renew for 12 months, follow the lease - it was good then and good now. --76.188.xxx.xx |
LEASE RENEWAL (by Jason [VA]) Posted on: May 10, 2018 12:43 PM
Message:
Debi had asked: "So when you let the 'auto-renewal' lease take over how do you control the end date? And if there is no end, how can you say they terminated early...?"
An auto renewing lease will renew every year on its anniversary date. If you decide not to renew, you just issue a notice of non renewal 30-60 days (or whatever your state minimums are) before that anniversary date.
They have that same window to cancel renewal as well. If they fail to, then the lease auto renews. If they move out prior to the next anniversary date, then they have terminated early.
--170.224.xx.x |
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