Tip #238: Timing is Everything
Month-to-month rentals may be the reason a vacancy occurs during these notoriously slow months. Tenants may only have to provide 30-days or less notice that they plan to terminate their month-to-month lease. If you are standing by with your fingers crossed, hoping your tenants don’t choose a bad time to leave, that can make holidays unexpectedly stressful.
Don’t give tenants control over your financial success. If you time your vacancies for more desirable months, you will have a larger pool of qualified candidates to choose from. Avoiding month-to-month leases can avert an unplanned vacancy during hard-to-fill times.
Consider nixing any provisions in your lease that provide for continuation on a month-to-month once the original term ends. Keep up on your tenants’ plans once their regular lease term ends, and either renew for the same period, or negotiate a shorter-term lease that keeps you going through the lean times.
Also, avoid offering a one-year lease if your new tenant rents during November or December — go short or long, but don’t stay on that same track.
See last week’s Landlord Quick Tip.
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