Managing Lease Terms
If this is a new renter relationship, don’t lock into a multi-year agreement. Maybe after a terrific initial year you both decide to renew for another year or longer period of time — at that point, you have an established relationship. But until then, don’t get trapped into a longer term contract, even if it feels like a good idea at the time. Of course, if you need to have a shorter initial lease term, you can do that too, but that has the obvious drawbacks of vacancy and turnover etc. I’ve heard many a real estate attorney say that one of the biggest issues brought to their table is that a rental lease auto-renewed for an extended period of time without realizing it, and now one of the two parties is seemingly unhappy.
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