10 Tips For Negotiating a Lease Renewal

10 Tips For Negotiating a Lease Renewal

1. Start early: Begin the lease renewal process well before the current lease is set to expire to give yourself ample time to negotiate.
2. Review the current lease: Review the current lease to ensure that you know any terms or clauses that may need to be renegotiated.
3. Communicate with the tenant: Communicate with the tenant early on to gauge their interest in renewing the lease and discuss any changes they may want to make.
4. Be open to negotiation: Be open to negotiation and be willing to compromise to keep a good tenant.
5. Understand the market: Understand the rental market in your area and use that information to inform your negotiations.
6. Offer incentives: Offer incentives such as a discounted rent or a rent-free period to entice the tenant to renew the lease.
7. Be transparent: Be transparent about your reasons for any changes to the lease, such as a rent increase, and explain why they are necessary.
8. Use a renewal lease agreement: Use a renewal lease agreement that clearly lays out the terms of the lease and any changes made.
9. Be professional in your negotiations and maintain a positive relationship with the tenant throughout the process.
10. Be prepared: Be prepared for the possibility that the tenant may choose not to renew the lease and have a backup plan.

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