Start your membership account today...  Access to credit reports, 100's of rental specific forms, agreements, letters, checklists, how-to articles, guides, expert advice and much more!  Even a FREE, 3-day trial!

Not a Member?
Get a Free Trial Membership

  Get FREE Stuff! Run Credit Report Rental Forms  Shop & Buy Forms!  Advertise Your Rental Customer Care

Welcome to's Discussion Forum
Sign up Latest Topics

  Author   Comment  

Posts: 1
Reply with quote  #1 
I've found a potential tenant for my condo.  She is insistent upon a long term lease "3-5 years."  I am considering a 3 year, but have some concerns.  Does anyone have any advice?  My rent is already at the top of the market, so unless the rental market soars, I'll probably be ok.  I'm thinking it's better to have a constant tenant, with less turn over & vacancy time.   Is there anyway to write in a potential rent increase each year?  Does anybody have any advice on this?

The tenant is an elderly lady, who's selling her house & moving cross-country to be near her daughter.  She does not want to have to move again.

I will obviously be doing a full credit & bacground check on her.

Posts: 3,814
Reply with quote  #2 

Yes, you can write a "cost of living" increase into a lease.  It must specifically state what the increase is and what dates those increases take effect.  However, before you write a 3 year lease, check your state law.  Many states prohibit leases longer than 2 years.  If you wrote one for 3 years in such a state, it would be invalid.  If so, explain to the tenant that you cannot by law write a lease longer than 2 years, but would be happy to insert a clause allowing her to renew the lease upon expiration.


Posts: 445
Reply with quote  #3 

You might even consider what is in many commercial leases-- automatic option to renew after two years.  this means that the tenant has the rights to demand to renew as long as they have kept up their part of the lease-- but the LL can not demand that the tenant renew.  Only issue I see for you is if you want to sell, the buyer would have to honer the lease.


Posts: 21
Reply with quote  #4 

I just got burned by a tenant on a 3 yr lease. Won't ever be doing that again. Live and learn i guess, but I think I will stick to 1yr and then renew option unless it were a can't miss applicant then possibly go two yrs.


Posts: 30
Reply with quote  #5 

You can write a potential rent increase in your lease. And you have there some good recommendations how to do it right. 

But, even if the rent increase is stipulated in the agreement, you still need to give your tenants a notice before raising the price. Very often it should be a 30-day notification. However, it depends on the law of your state and the amount of increase. 

Previous Topic | Next Topic

Quick Navigation:

Easily create a Forum Website with Website Toolbox.

Apartment Finders > > Member Log-in > Free Trial Offer > Free E-newsletter > Customer Service > Get Free Stuff! > Run Credit Report > Rental Forms > Vacancy Center > Do-it-yourself > Evicting Your Tenant > Foreclosure Resources > Landlord Discussion Board > Income Tax Resources > Information Center > Join > Landlord Law > Library > Multi-family > Professional Advice > Rental & Property Mgmt > Rent Collection > Repair & Maintenance > Security Deposit > Software Center > Tenant Screening > Vacation Homes > What's New > Rental Agreements > Free Leases > Inside Our E-store > > Security Deposits > > Landlord Daily News > Rental Agreements > Resources: Cleaner Sunshine coast