RentWerx Property Management, provides a concise overview of the lease renewal process. In the first step, they consult with property owners to determine if they are willing to renew the lease agreement, ensuring they have no plans to sell, move in themselves, or have family members move in. Once the owner’s intentions are clarified, the team evaluates pricing, considering factors like local market conditions, property taxes, and insurance. Rent increases can vary but are typically modest, ranging from 1% to 10% or a fixed amount based on market trends and property manager decisions.
After pricing is settled, the tenant is approached with a lease renewal intention form, where they express their interest in extending the lease. Property inspections are conducted to assess the home’s condition, and the rent increase is presented to the tenant along with the new lease agreement. The process aims to secure another long lease term, typically 12 months, although shorter terms may be considered to align with seasonal cycles. For more information or inquiries, tenants and owners can contact RentWerx Property Management directly through their office or property manager. This streamlined process ensures hassle-free lease renewals for both owners and tenants.