Rising rental vacancy rates across Florida mean those landlords who are lucky enough to have tenants on their properties have some work to do. After all, nobody buys an investment property to see it stand vacant for months on end.
If you're one of these fortunate property investors, lease renewals are vital to ensuring the ongoing profitability of your property. The lease extension process can be a risky one, and you can never assume that your tenants will automatically renew their leases.
Read on for more information about this process and some great lease renewal tips.
Encouraging Lease Renewals
The first step in navigating lease renewals is deciding if you want your tenants to remain in place once their current lease agreement expires. The best way to ensure you get good tenants in your rental property is with careful tenant screening at the outset.
Monitor your tenants' performance throughout their stay. Do they pay their rent on time? Do they take good care of your property?
Nobody wants to keep bad tenants in their home simply to avoid the arduous process of finding new ones. If you have good tenants in place, there are a few things you can do to encourage them to renew their lease agreement.
Build good relationships with your tenants by taking their needs and requests into consideration and contemplating any upgrades they might request. Prompt attention to repair and maintenance issues helps keep relations on an even keel, too.
Understand the Lease Renewal Terms
Start communicating about lease renewals at least 60 days before your tenants' current lease expires. During these conversations, you should clearly outline the options available to your tenants.
These may include the following:
- Extending the lease for another full-term
- Switching to a month-to-month agreement
Both of these options may have additional implications that you should discuss with your tenants. No doubt you'll need to talk about an annual rent increase and go through the termination clauses again.
It's advisable to talk to a real estate lawyer or property manager about any changes to Florida landlord-tenant law. These might impact termination clauses, security deposits, evictions, and renewal terms, too.
A Property Manager Ensures Seamless Lease Renewals
Hiring a property manager is an excellent way to encourage lease renewals from the start. They can help you carry out tenant screening in line with the Fair Housing Act and guide you through every stage of your landlord journey.
Your property manager will perform routine property inspections to ensure lease compliance and help you navigate the intricacies associated with tenants and lease renewals.
Get Help With Lease Renewals in Orlando, Florida
Understanding the ins and outs of renewing a lease agreement, puts you in a better position to avoid costly vacancies and make good decisions about your tenants. Hiring a property manager makes it even easier to navigate lease renewals.
Bahia Property Management is an excellent choice to help you manage your Orlando investment properties. Our team has decades of experience in landlord lease management, tenant screening, and tenant relations.
We have offices across the globe and thousands of satisfied clients. Join our family of successful landlords today.
