It is every property owner’s wish to find and keep the best possible tenants for their property. Finding tenants is one thing, making them stay is another. Keeping your tenants for the long haul is just as challenging and important as finding them. Why? Well first of all it costs you about a thousand dollars or more every time your tenants move out because of the advertising costs of finding a new tenant and the loss of rent while the property is vacant. It also spares you the stress involved during vacancy and the tedious process of trying to find suitable tenants.
A lot of property owners are unsure of what to do at the end of their lease. Sometimes this results in unnecessary stress and unwanted conflict between the property owner and tenants. A good way to avoid this is to plan ahead; 2 months before your lease expires ask yourself two questions: “Am I happy with my current tenants?” and “Do I have plans of moving into or selling the property in the next 6 to 12 months?”
Your answer to these two questions will determine what is your best course of action. Below I have listed what you should do based on each possible answer.