Your tenant’s rental agreement is coming to an end and you want to keep the good tenants you have known for years. Sending a lease renewal letter to your tenants before the current lease agreement runs out is a good way to let them know you want them to stay.
When you own rental property you are faced with decisions about increasing rent on your tenants. Many landlords resist raising the rent, however, due to fear of tenant reaction or vacancy. Landlords do have to balance the financial benefits of raising rent over keeping a good tenant who pays their rent on time and doesn’t cause any issues. Most landlords do not raise the rent on a whim and only do so when there are underlying reasons. Common reasons for raising the rental price include an increase in property taxes or utility costs, the need for maintenance or remodeling and/or changes in the local rental market.