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Answers (4)
- Estey Ryan Properties, "EsteyRyan"
- Contributions:5
Absolutely! Two year leases are also great because when a tenant moves out not only are you not collecting rent for a period of time (usually 1-2 months) but you usually have some expenses with the property too. After one year you will have to pay for a new city occupancy inspection, repairs if needed, paint if needed, marketing costs to get the property rented again, cost of cleaning for the new tenant. Even if those costs aren't monetary they are costing you time. With a two year lease you are pushing those costs back an extra year while ensuring a steady cash-flow. We usually offer incentives for a tenant to sign a two year lease!
Another way to prevent yourself from worrying about a poor tenant is to use a tenant screening service before you allow them to rent. That usually eliminates most of our problems!
Another way to prevent yourself from worrying about a poor tenant is to use a tenant screening service before you allow them to rent. That usually eliminates most of our problems!
- Don Greenberg
- Contributions:261
Sharon,
I definitely understand where you are coming from and I think every situation is different; you can have tenants that nag over EVERY little thing they want fixed and I suppose there is nothing you can do about that, however the real problem tenants can typically be handled by the terms of the lease.
I think we can both be in agreement that there are pros and cons to both situations and to step back and really look at the benefits of signing a two year lease.
Think of commercial leases too, those suckers can be MIGHTY long!
I definitely understand where you are coming from and I think every situation is different; you can have tenants that nag over EVERY little thing they want fixed and I suppose there is nothing you can do about that, however the real problem tenants can typically be handled by the terms of the lease.
I think we can both be in agreement that there are pros and cons to both situations and to step back and really look at the benefits of signing a two year lease.
Think of commercial leases too, those suckers can be MIGHTY long!
- Sharon Lewis, "Sharon Lewis"
- Contributions:3915
Two year leases potentially could be a nightmare for a landlord if the tenant is not a good one. I prefer to see a one year to begin with.
- Don Greenberg
- Contributions:261
Of course; it is securing a tenant for 2 years as opposed to only 1 with the chance of having to find a new tenant after the first year. It would be more advantageous if there was a clause allowing the rental payment to increase after the first 12 months. Something that could be a disadvantage is if the tenant is bad; however the lease should be written such that you can evict a tenant that is disruptive, doesn't pay rent, etc.
Is there a specific reason as to why you are curious about this?
Is there a specific reason as to why you are curious about this?
Are two year leases advantageous to owners?
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