Lease Renewal

Offering the current tenant a new lease term, typically with a rent adjustment. Start the renewal process 60-90 days before lease expiration. A good PM evaluates market rent, property condition, and tenant payment history before making the offer. Renewals save thousands in turnover costs. Even a 3-5% rent increase on a renewal is better than a month of vacancy plus $3,000 in make-ready costs to find someone new.