When you and a tenant sign a rental agreement or lease, you both are bound to the terms of the contract. Most times, however, it will be the tenant who initiates the early termination of a lease, either intentionally or unintentionally. It is rare that a landlord or property owner breaks a lease. Of course, it does happen; it is just a very infrequent occurrence.

As a landlord or property manager, you will have to deal with lease or rental agreement renewals on occasion. Every lease or rental agreement has a fixed term. The most common fixed terms are monthly (rental agreements) and annually (leases). Many leases begin as an annual agreement that turns into a month-to-month agreement if the annual lease is not renewed.

Either party to a lease, the renter or the landlord, can initiate a renewal. Of course, after 12 months, a lease renewal is pretty automatic: It either kicks off another annual lease or it turns month to month. Generally speaking, if all went well, leases are renewed with both parties happy to extend the relationship. Occasionally, a renter may need to move to another area at the expiration of a lease or she may want to move to a place where the rent is cheaper. But for the most part, most rental agreements are renewed.

Question

In a situation where co-signers are needed, should I have them sign the rental agreement, or just an agreement stating that they are responsible for paying the rent?

Answer

1) Was the experience positive, negative, or neither?

2) Did the contractor communicate well with you, regarding details of the project?

3) Did the contractor stay in touch throughout the project?

Question

A prospective tenant came to me today, and told me that they are planning to declare bankruptcy within the next couple of months. What effect will their declaring bankruptcy have on them paying rent, and am I crazy to even consider leasing to them?

Answer