End of Tenancy and Breaking The Lease in Lake Ridge Springwoods

At the end of the lease in Lake Ridge Springwoods, either party can opt to end the tenancy. The rental owner could choose not to renew the lease or the tenant could choose to not to renew the lease. If the rental investor wishes to end the lease, or end our rental management services, please send us written notice as described in your rental management agreement.

When we don't receive such notice, we will strive to make choices that will keep your rental property producing the highest possible net income. This means that we will routinely contact a renter 6 to 8 weeks before the end of the lease in order to renew the lease.

At that point we give the renter two choices:

1. Month-to-month --- This will include a large rent increase.
2. Renew the lease --- This will lock the rental property up for another year with a small rent increase.

When tenants break the lease

Sometimes circumstances arise which make a renter to break the lease. If this occures, Nesbitt Realty tries to minimize the impact of this event on the landlord. If a renter leaves with little or no notice, this will surely cause the renter 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 property

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 investor replace the carpet every 5 to 7 years. We recommend that the rental owner paint every 5 to 7 years.

Utilities

During vacancies we will either put the utilities in our name or in the owner's name.