Question on Lease ending


#21

in 2015 december i move out. took me 2 weeks to fix it up to standard. Then 3 weeks to get contract signed, so total about 5 weeks. but that’s like 2 months of rent.
For smaller house it’s easier to rent out
Currently the rent is 3750 for full house , upstairs 3 bd/1 bath, downstairs has unwarranted 1 bd/1 living 1 bath. with partial ocean view + all stainless appliance + new flooring, new fence, new exterior paint. comparable only for 3bd without remodel ranges from 3600-3800, so i think i charge them below market.
I believe if they move out in summer i could get it rent out within a month, 1 month loss rent i’m okay, but 2 months i prefer not to take this risk. And who knows in december if we are going to crash right?
And key is I’m giving them an option now to sign the same lease they originally signed for. only with improvement with the house.

I’ll let PM deal with them so i don’t have to. I think what i given to them is pretty fair .


#23

For what it’s worth, I was a tenant for 7 yrs in South Bay and I always had to sign 1yr lease. Summer rents are always more than winter rents. Maybe I should have tried to rent from you guys when I was renting since no one ever gave me the option to continue M2M at the same rent as yearly lease.


#24

good strategy, rent until october/november then find a same quality level house for cheaper. start the rent in winter, can save a few hundred buck a year


#25

@dioworld - Did they end up resigning or did you find new tenants?


#26

Maybe dioworld is already buried in the backyard? :sweat_smile:


#27

wow, that’s a while back topic, i got new tenants. will look for another one this coming august.


#28

Yea, I’m curious because I’m in a similar boat and debating what to do. Lease ends June, and tenant likely won’t sign a year, but would probably want to stay at least a little longer but month to month. Do I be the manch hammer or the dragonboy pillow…hmmm…


#29

Which city?


#30

Damn, cross off another person to my house warming party…:grin:


#31

In SF, where properties are subject to “just cause eviction” laws, once the initial one year term ends, I give the lessees two options

  1. have the lease convert to a month to month with a nontrivial rent increase. This is only possible with condos or SFH as per costa hawkins

  2. Sign for another year at the same rent


#32

MV.


#33

So unlikely that you’re getting college students… Seems to me it shouldn’t matter that much when the next person moves in.