As a landlord or property manager, you will find it extremely common to have to modify leases and rental agreements to accommodate your tenants. Sometimes, you are asked to remove a tenant because she has to move away; other times, you may need to add on a tenant.
You will find that this happens very frequently in so-called “college towns.” The in- and outflow of students can be a bit overwhelming at times. However, it is a fact of life and a part of the business. Roommates who grew up together and have been friends for decades may find that they cannot live together. They may argue loudly and bother your other tenants or they may have physical altercations that put other tenants at risk of bodily injury.read more
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.read more
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.read more