Lease renewal

Renewals are commonly worked sixty to thirty days before term end. A renewal locks in a new term and rent; failure to renew typically drops the resident to month-to-month or triggers the lease's holdover provisions.

A resident renews for twelve months at $2,100, effective the day after the current term ends, signed six weeks in advance.

Renewal is the cheapest occupancy you will ever buy. A turnover costs a vacancy gap, make-ready work, and leasing time — routinely more than a full month of rent — so a renewal at a modest increase usually beats a new lease at a higher one.

Run a fixed cadence: offer at sixty days, follow up at thirty, decision at fifteen. Send the number in writing with the term options side by side. Where the resident is a good payer, weigh a smaller increase against the real cost of turning the unit.

Tracking renewals on a personal calendar, raising rent without checking current comparables, and leaving the resident guessing until the final weeks — which is when they start viewing other units. Notice requirements for rent changes are set locally; confirm yours.