Hi all,
My contract with the tenant ends at the end of next month. What do you normally do? Is it better to try to renew the contract with them or just let them go month by month?
thanks
Wow, @dioworld, talk about an open ended question. Too many things you left out. For ex:
- Did the tenant actually even tell you in writing he/she is wanting to leave? Keep in mind, no mentioning does NOT mean tenancy over.
- If he/she did give notice, then is the current rent low? If so, CHA-CHING, you should make money like I did recently by turning it over and renting it to new folks. If at market and you like or want them to stay of course then you may need to entice them to stay.
More info, please!!!
Hi dragonboy,
thanks for the reply, here’s some more information
- No
- i think current rent is not bad, whole house in daly city for $3750 a month. 3 bed 1 bath upstairs, open kitchen, new remodel bathroom/ unwarranted living/bed downstairs, with a garage, all appliance. pretty good remodel. I saw some house nearby now only upstairs for around 3-3100 not good remodel.
They are pretty good tenant so far, only 3 repair within last year, all legit claim, i just check 2 weeks ago they keep the house in very good shape
thanks
I think you can increase more if you want. I am renting my JUST upstairs 3/2 for $3700 in 94015. If you don’t have any plan for selling, I would choose to sign lease with small increase in rent (give you and them peace of mind - I normally try to end my lease in Summer). But if you are not sure, go month-to-month.
Is Daly City rent higher than Fremont/Milpitas? How about rental yield?
First of all, sorry if I came across a tad strong. Once I saw “contract…ends” I naturally jumped to whether they gave notice or not. It sounds like you have a decent tenant when it is all said and done so if it were me, I might consider just letting the contract continue at the current rate on a month to month basis. I would hate to raise a modest amount that actually causes the tenant to move out and then there you go with spending time and money again trying to get back another hopefully good tenant. Good tenants are hard to come by, so I don’t ever nickel and dime them. It is simply not good business sense to do that.
Thanks dragonball. I just not sure if i should go month by month or renew the contract at same rate another year
BAGB: daly city is getting more expensive now. 94014 is cheaper than 94015. But in the last 2 years daly city has a lot of big development in serramonte area. They attract a lot of business there, like dave and buster/sprouts/another in & out in daly city serramonte/ even some popular asian bakery 85 degree.
The city is well manage compare to other city i’ve lived in. Only downside is summer fog that some people hate.
Well, as reported by others here and I sort of experienced it when renting out a flat in SF last year, the local rental market has softened. How much, of course will depend on each case and reference rent level. The thing is, advertised rent levels in Craigs or wherever are just that, advertised. We all don’t know what actually happens on the dotted line until it does.
How is the renters profile in Daly City? I was thinking about Daly City a few years ago but did not really look there.
Daly City is where people move to when they can’t afford SF but still want proximity to the city, so renter profile shouldn’t be that bad.
My property manager just spoke with them, they still thinking about it, but maybe 6 months contract extension instead.
current contract ends in end of feb, Should i think accepting 6 months contract (so ending will be in end of august)
Hmm, you figure people like students are usually looking typically around August or earlier, so that might not be ideal if your place is not ready until mid September or so. Might work. Something to consider.
Maybe should i ask them to renew only 4 months. end in june?
September 1 move-in should be fine. You can catch a family that moved here after finishing thesis over the summer. Daly City doesn’t strike me as a college town anyways. But there is an issue of schools having started.
Or thru July which would give you sufficient time for a Sept 1 start at the latest. Again, it is so hard to know at this point how the rental market will look like in a half of a year. It should be fine, but you never know, so you want enough time before Labor Day to get it all done.
thanks all, I’ll try to see if they want to extend till July.
It would be great to hear some feedback about the prospective candidates and in general your impression of the marketplace at that time. Thanks!
Ideal time of expiry is between Apr-Jun.
I would like to know too
It would be great if some site has all the recent rented property data(price , how long on market before rented, condition etc…)
You’re in IT right? Why not you work with manch to display such stats in this site 