AFTER HOURS EMERGENCY MAINTENANCE: 512-688-6476

VA/MD/DC

703-776-9223 (VA/MD/DC)

TX

512-942-0024 (TX)

FAQ Group: LH06

Renewals

Renewals

Renewing the Lease

If the resident does not provide us notice to end the lease, we will coordinate a lease renewal. We always attempt to increase the rent if the market will support it.

If there are any changes to the lease, such as the owner moving from Investor to Landlord level, it would be done at this time.

Fees

There will be a fee of 30% of the new monthly rental amount to renew an existing lease.  This fee will be charged upon executing the lease renewal addendum.  We define a renewal as any time we need to extend the terms for an existing tenant because their current lease is ending.  When a lease is over, a lease term is negotiated with the tenant (i.e. month-to-month, 3, 6, 9, 12, etc. month extension).  Regardless of the term, this will incur a 30% renewal fee.  Ideally the new lease rate takes into consideration the length of lease, as well as market conditions, to help offset the renewal fee expense. 

Procedures

Initial Contact with Resident

60-90 days prior to a lease expiring, we will contact the resident to determine if they want to extend the lease.  

Property Walk-through

If a resident wants to renew the lease or is indecisive, we will conduct a photographic condition update to determine the condition of the home.  We want to make sure the resident is taking good care of the home prior to renewing their lease.  

Market Analysis

We will conduct an updated analysis to make sure your home is priced competitively in the current market.

Owner Recommendation

We will consider the rental history, property condition, and market analysis to make a recommendation to you.  

Lease Extension

Once we agree on a course of action, we will negotiate a new lease extension with the resident.

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