{"id":15491,"date":"2021-07-09T18:08:49","date_gmt":"2021-07-10T01:08:49","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=15491"},"modified":"2022-06-13T16:40:03","modified_gmt":"2022-06-13T23:40:03","slug":"multiyear-lease-for-landlords","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/multiyear-lease-for-landlords\/","title":{"rendered":"Should Landlords Offer a Multiyear Lease on Their Rental Property?"},"content":{"rendered":"

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Finding a responsible long-term tenant is the goal for any landlord or property manager, but does this mean that offering a multiyear lease is in your best interests?\u00a0<\/span><\/p>\n

Allowing potential tenants the opportunity to sign a multiyear lease may seem like an excellent tool to mitigate turnover costs, but there is a lot to consider before you put that offer on the table.<\/span><\/p>\n

Why Landlords Should Offer Multiyear Leases to Tenants:<\/span><\/h2>\n

Multiyear leases can have their perks for landlords and tenants alike. <\/span>Tenants can benefit from multiyear leases<\/span><\/a> for a multitude of reasons; the advantage of easy financial forecasts and the assurance that they will have a great home long-term are, perhaps, the most notable. However, the perks are not exclusive to renters.\u00a0<\/span><\/p>\n

Experienced landlords and property managers know first-hand the headaches associated with tenant turnover. From cleaning fees, time spent scheduling maintenance and repairs, to all of the time and the costs associated with marketing and showing your property, interviewing and screening potential tenants, and finally signing with a responsible applicant, there is a lot to coordinate. That is, of course, assuming that your unit does not remain vacant for too long, which can severely harm your bottom line.\u00a0<\/span><\/p>\n

With the high monetary and time investment required of this process, there is a lot to be gained from mitigating turnover through high renewal rates or multiyear leases.\u00a0<\/span><\/p>\n

Learn more: The Real Cost of Tenant Turnover<\/a><\/p><\/blockquote>\n

When Landlords Should Avoid Offering a Multiyear Lease:<\/span><\/h2>\n

A long term lease agreement makes it very difficult to remove a bad or irresponsible tenant. If you do not have a full understanding of a tenant\u2019s current situation or habits, it may be best to avoid offering a multiyear lease agreement.\u00a0 There are multiple situations where long lease agreements (especially those that are mutliyear) may not make sense. <\/span><\/p>\n

In these situations, a standard term agreement is best:<\/strong><\/p>\n