Lease Renewal
We will provide our tenants with a minimum 2 months' notice before the conclusion of their fixed-term tenancy, presenting them with the option of either a lease renewal or a notice to vacate.
We will provide our tenants with a minimum 2 months' notice before the conclusion of their fixed-term tenancy, presenting them with the option of either a lease renewal or a notice to vacate.
In the case of opting for a lease renewal, our property managers will seek the owner's approval by conducting a Comparative Rental Analysis (CRA), assessing rental rates for properties similar to yours. We will propose a new rent price for your consideration, taking into account factors such as the time of the lease expiration, the Consumer Price Index (CPI), and other relevant measures. Your property manager will then furnish you with the necessary information justifying the recommended new rent and lease duration.
Once you approve the proposed lease terms, your property manager will draft the required legal documents and present them to the tenants. To ensure a prompt response, a strict timeline will be established by your property manager. This proactive approach allows for early advertising in case the tenant declines the renewal. If the tenant accepts the offer, the contractual paperwork is signed, and all parties will receive formal notification of the acceptance from your property manager.