Resident retention should almost always be the goal for a profitable investment property. Maintaining an active lease with your tenant will provide that piece of mind that they will remain in the home for a set period of time so that the property has continued occupancy. The lease not only provides a contractual agreement on tenancy and rent amount, but also outlines the rules and regulations of the property. These serve as a reminder to the tenant that they are responsible for their part in maintaining the home. Without an active lease, the tenant would be allowed to vacate the property with only a 30 day notice. This notice may come at an inopportune time leaving turn costs and a seasonality vacancy. Homeriver Group works hard to maintain occupancy for all of our owners by conducting regular inspections and account reviews in order to determine if your tenant is worthy of a renewal offer. These efforts to work towards a lease renewal is a small price to pay to have comfort in knowing that your portfolio will continue to be income producing.
Why should I have my tenant on a current lease?
System - Tuesday, November 17, 2020