[quote=livinincali][quote=FormerSanDiegan]I agree with Hatfield and HLS here.
Going month-to-month is in your favor.
However, if you really want them to choose a 12-month lease, then don;t ask them, just send them a notice of intent to increase the rent under month-to-month agreement and give them a form with a box to check to give them a choice between the increased month-to-month costs or a new 12-month lease at the same rent (or modest increase).
box 1 – Renew 12 month lease at $X (e.g. no increase in rent).
box 2 – continue month-to-month with $X increase (as of a date far enough in the future that you can give 30 days notice, so e.g. 45 dayd from when you send the letter.).[/quote]
If I received a form like this as a tenant it would probably piss me off a bit. I’d certainly go out and look to see if there might be something better out on the market. The thing about sending out a new 1 year lease is it’s going to make the tenant go look at what’s out there. If you’re at or above current market rates the tenant might decide to leave while if they are on month to month they might not even bother to look. Rents in general have been rising but you never know what’s going on it your particular submarket until you look.[/quote]
Agree with this. Leave everything as is. Go month-to-month or kindly offer them any duration lease they would prefer at no additional cost, and highly recommend that you do NOT increase the rent if they are good tenants.
For as long as they abide by the lease, pay the rent on time, and take decent care of the property, consider yourself a lucky landlord. My parents had multiple rentals in multiple states for decades and almost always had very positive experiences because they were not greedy or obnoxious landlords, offered somewhat below-market rents to exceptional tenants, and gave the tenants a lot of leeway WRT improving/personalizing the properties (with the understanding that they would return things to their former, or an improved, condition upon move-out), etc.
Do yourself a favor and treat your good tenants very, very well. You will not regret it.
