In order to get the intended results, lease renewals must be carried out carefully and professionally as a key procedure in property management. The lease renewal process is dependent on a number of decisions made by the property manager, the property owner, and the tenant, which can be unpredictable. As with property management generally, this necessitates adaptability on the part of the property manager to prevent delays, frustration, and unnecessary costs.
It will be less stressful to negotiate a lease if you take the initiative and get started early, and you can ensure that the contract satisfies your requirements. We’ve put together a list of eight actions you must follow for a successful lease renewal as a resource.
8 Easy Steps For Renewing Your Office Lease
Step 1: Calendar The Date Of The Lease Renewal
Add significant dates to your calendar so you won’t forget them. Including a reminder on your phone can also be beneficial. The most crucial date to be aware of is the expiration of your lease. The lease specifies this date as the end of the agreement.
Step 2: Carefully Review Your Lease
Your lease will contain the date of the lease termination, as was already specified. You can obtain more crucial information by carefully reading your lease. When must you inform the property manager of your plans to end your lease or renew it? Should you give them 30 or 60 days’ notice? Additionally, note that day in your calendar.
Step 3: Speak With Your Building Manager
Speak with your landlord or property manager about your alternatives a month or two prior to the deadline for the lease renewal or cancellation. A rent rise is anticipated. Can you relocate to a different apartment in the same building? Do you need to change your roommate’s gender? Do you need the apartment to have some modest improvements made? All of these are negotiable. Make sure to request written confirmation of any agreements you enter into.
Step 4: Finalize Your Choice
Make a choice now. You can make an informed choice if you are aware of all the specifics of your proposed lease. Give yourself some time to consider whether a lease renewal is the appropriate course of action for you. However, keep in mind the dates you noted at the start of this procedure.
Step 5: Tell Your Property Management About Your Choice
Publish a letter. Send a letter to the management of the flat of your choice once you’ve made up your mind. Include this information and any supporting documentation if you and your apartment manager agreed to any unusual terms. Make sure to save a copy for your own records.
Step 6: Review The Terms Of Your New Lease
You will be required to sign a new lease if you choose to renew. This will specify the duration of the amended agreement and reflect any changes to the terms. Make sure you understand the technical terminology of the new lease and that it contains all of the relevant arrangements by carefully reading it. Make sure everything is mentioned before signing the lease because anything that isn’t stated there won’t be enforceable.
Step 7: Prepare A New Lease
After carefully reading the newly-signed apartment lease and being satisfied with its provisions, sign it to make things official. It will also be witnessed by a representative of the residential complex.
Step 8: Maintain The Created Lease In Your Records
Keep a copy of the signed lease in your records after it is completed. Your lease probably contains the solutions to any concerns or queries you may have in the future. Make sure you mark your calendar with the upcoming lease renewal date before filing!
Additional Issues Related To Lease Renewal
Be sure to bargain from your medical office property manager’s perspective when thinking about lease renewal. The benefits and drawbacks of renewing a lease.
Benefits of Lease Renewal
#1 Keeping Tenants Is Less Expensive
It is less expensive to keep a renter in a rental than to look for a new one. When a tenant vacates, the property manager is responsible for returning the security deposit, making any necessary repairs, listing and showing the property, and screening prospective tenants. When negotiating a rent decrease or other lease terms, take advantage of this.
#2 Decreases The Possibility Of Nasty Tenants
There is always a danger that a new tenant won’t adhere to the rules or pay the rent on time. When negotiating a lease renewal, be sure to capitalize on whatever favorable rental history you may have had.
#3 Eliminates Vacancy
Retaining a renter will cut down on the amount of time the place is empty. In addition to having to pay the mortgage on the property, the property manager will lose a month’s worth of rent if they have to exhibit the flat for a month before finding a tenant. Bring up the vacant property issue if the property management pushes back.
Drawbacks of Lease Renewal
#1 Possible Rise In Rent
The potential for rent rises is a drawback of staying put. Despite the fact that many states have rent control laws, there is a potential that if you stay, your property manager will increase the rate. They might see an opportunity to take advantage of your willingness to stay and capacity to pay on time.
#2 The Building’s Manager Desires Renovations
The property manager might also be thinking about renovating. They might repair an older flat that needs some work in order to raise the asking price. You might be unable to extend your lease because of this.
Renewal Options For Long-Term Versus Month-To-Month Leases
The decision of whether to renew your lease for an extended period of time or stay month-to-month is another factor. You or the property manager may end a month-to-month lease with a 30-day notice. If you are in the process of shopping for a dream house or thinking about moving cities, this choice gives you more options. The drawback is that because tenants don’t normally stay for very long, rent increases are frequently substantial.
In a long-term lease renewal, a new lease with a revised end date is agreed upon between the tenant and the property manager. Usually, the new lease is for a year or two. Both parties are stabilized by this. The owner can still increase the rent, but it won’t be by as much as they are confident in their ability to make a living.
Renewal of an apartment lease might be simple if you put up the effort and take the required actions. The measures outlined above will assist you in choosing more wisely whether to renew your lease.