One of the decisions that a landlord needs to make which isn’t often discussed is the length of lease that you decide to have. While most people simply do a base of one year with the possibility to renew each year, you do have other options. At the end of the day, you’re the one that owns the property. You can decide to have a lease of any amount of time you want, but there are things that you need to factor in when figuring out what your resident’s lease length should be. Here are some ideas to consider when marketing your apartment.
While the base of a year is fairly standard, this isn’t the best for everyone. For example, consider someone in the military or who moves around a lot for work. A year may be a large commitment and they may not have the assurance that they won’t be moving before the end of the lease. For people in this position, a three-month or six-month span may be all they can realistically promise. This definitely doesn’t mean that they won’t pay rent or that they will leave your unit a mess, which is often the concern with a shortened lease. Some people simply don’t have jobs that allow them to stay in the same place for too long.
Another situation which may need a shorter lease is when a person has a loved one in a hospital or care facility. If the person being cared for is not doing well, they may very well want to be as close as possible for as long as they have left. However, it is often impossible to tell how much longer this would last, so renting on a rolling basis might benefit these tenants more. While doctors can give an idea, some don’t live to that mark while others may surpass it by years. This is already a stressful time in a person’s life, and trying to find housing can be almost impossible if all leases in the area are a minimum of a year.
If you are open to the possibility of frequent turnover, it may be beneficial to you to offer shortened leases depending on the circumstances. You never know how much of a difference it may make to someone, and it might help you to tap into a larger group of people that don’t have many other options. See what others in your area do and what would work best for you, and let Talley do the rest!