First time landlord

[Anonymous]

First time landlord here. The current lease is about to expire. The tenant suggested that we go on with a month to month lease per the terms of the current lease.

As the landlord, am I better off signing a new lease for a year, such that I have certainty re term?

Also, the current lease does not have a rent escalator. Is it typical to sign a new lease with monthly rent increased.

MD.

Thank you.

[Anonymous]

I’m a landlord and I prefer my tenant to sign a new lease and some years I do raise the rent. If you are in MoCo you have to notify your tenant 90 days in advance of a rent increase. - so 90 days before the lease ends.

[Anonymous]

Let them sign a lease for a year or two.
If they don't sign a lease start advertising it and give them 30 days notice.
Increase rent if it is below market rent otherwise keep it the same.

[Anonymous]

Anonymous wrote:First time landlord here. The current lease is about to expire. The tenant suggested that we go on with a month to month lease per the terms of the current lease.

As the landlord, am I better off signing a new lease for a year, such that I have certainty re term?

Also, the current lease does not have a rent escalator. Is it typical to sign a new lease with monthly rent increased.

MD.

Thank you.

You may have answered your own question if going month to month was already noted as part of current lease. I prefer a year contract for certainty or sometimes less than a year, I make sure that the contract comes to an end sometime during high season (May to July) as it reduces changes for vacancy and provides a few extra $$.

We put in a standard minimum 3% rent escalation clause upon renewal which we exercise upon our discretion depending on market situation, sometimes we do less than 3%, but past few years its been 3% for sure.

Sometimes, not always, tenant wanting to do month-to-month may indicate that they may be moving out soon and don't want to be locked into a longer term contract, but as long as you sign a monthly contract with 60 day notice, that should give you sufficient time to find your next tenant. Also I use the rentcast.io website to analyze potential rent.

Best of luck.

[Anonymous]

Who wrote the lease? If you did, you should rewrite it to what you would like to happen.