What happens in Arc 3409 when the lease ends?
At the end of the lease term in Arc 3409, either party can opt to end the tenancy. The property owner could choose not to renew the lease or the renter could choose to not to renew the lease. If the owner wishes to end the lease, or conclude our property management services, please send us written notice as described in your property management agreement.
If we don't receive such notice, we will strive to make choices that will keep your rental producing the highest possible net income. This means that we will typically create a new lease for a tenant 6 to 8 weeks before the end of the lease term in order to renew the lease.
At that point we give the renter two options:
- Month-to-month --- This will include a large rent increase.
- Renew the lease --- This will lock the rental up for another year with a small rent increase.
When renters break the lease
Sometimes things happen which make a tenant to end the lease before the lease term is over. If this happens, Nesbitt Realty tries to minimize the impact of this event on the property owner. If a renter leaves with little or no notice, this will surely cause the tenant to surrender the deposit but this is never a windfall for the rental investor. That money is consumed by paying for vacancy and the cost of acquiring a new renter .
Readying the rental investment
We will have the carpet professional cleaned upon renter move-out and the actual cost of carpeting will be deducted from the renter 's security deposit, per your lease.
We recommend that the rental owner replace the carpet every 5 to 7 years. We recommend that the owner paint every 5 to 7 years.
Utilities
During vacancies we will either put the utilities in our name or in the rental owner's name.
Landlord Reference
a useful archive for rental investors in Arc 3409
- Before you move a tenant into your rental property in Arc 3409
- Collections and evictions
- Communications with the tenant
- During tenancy
- End of tenancy and what happens when a tenant breaks the lease
- How does the rental investor get paid?
- How your property management company handles the association and your community
- How your rental manager handles utilities
- How Nesbitt Realty & Management finds renters
- Insurance matters for owners using our rental management
- How Nesbitt Realty & Management manage keys
- Arc 3409 owner responsibilities
- Maintenance, repairs & inspections for your rental property in Arc 3409
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental investment
- When landlords don't yet know their new address
- Vetting tenants in Arc 3409