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For example, you are accustomed to how they pay each month and they know how to get in touch with you regarding maintenance issues. Finding a new tenant can cost you time and money, but so can chasing down rent.If your tenant has been late with rent on numerous occasions or broken the rules in the lease agreement, you may not wish to renew their lease.
According to Rent Prep, you should create a new lease with appropriate changes to the rent and lease terms as appropriate.When it comes to negotiating, your best bet is to do your research first.Use a fair market rent calculator and check similar properties in your area to see whether or not you should adjust your rent price.Consider all the steps to finding a new tenant: advertising the property, sorting through applications, meeting with prospective tenants, and thoroughly screening them. With a vacancy, you’re not earning income but you’re still potentially shelling out for a mortgage, utilities, and other expenses.Lost rent is especially significant when you rely on rental income to pay the mortgage.
Avail points out that some states require you to follow guidelines about renewal timeframes. Ask your tenant 90 days in advance whether they wish to renew the lease.