Property Management – Encino
ENCINO PROPERTY MANAGEMENT
Should You Renew Your Tenant’s Lease?
Profit is always the driving force behind landlords and property management policies, including the decision whether to renew a tenant’s lease.
Many owners and property managers believe that long-term leases are the way to keep costs low, while others say that lease renewals prevent market-level rent increases. Keeping the same tenant long-term also can make it harder to keep up with repairs and maintenance.
Your decision whether to renew a lease must take into account a number of factors, including the condition of the property at the time of renewal, the current market rent, vacancy rates in your area, and the number of units you have coming up for renewal.
When making your decision, consider these do’s and don’ts:
Don’t renew a lease on a tenant until you have taken the time to inspect the rental unit. Just because the tenant has paid on time and has never complained doesn’t guarantee the property won’t suffer from another year with this same tenant.
Don’t renew a lease without being familiar with the current market conditions for the property.
Don’t include an “auto-renewal” provision in the lease that allows a so-so tenant to renew for another year.
Do provide for rent increases in your lease agreement.
Do ask the tenant to update the information in the rental application before renewing. Pay special attention to contact information, including emergency contacts.
Do contact your best tenants 60 days prior to the end of the lease to offer lease renewal before the tenants have made the decision to move.
Do keep the property in prime condition throughout the term of the lease. Keep up with maintenance and repairs so the property doesn’t sustain long-term damage.
Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.
The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.
- Tenant placement
- Tenant screening (including: credit check, landlord and employment verification, social security trace report, California eviction check and criminal check)
- Regular property inspections
- Accounting and landlord bill payment
- Monthly financial reporting
- Maintenance service and supervision (we use only proven independent vendors)
- Collections
- Evictions
- We supply all the necessary forms to meet California’s Landlord/Tenant laws
- 24 hour emergency phone service
- Advertising to the broadest tenant base possible
Call or e-mail us today for more information. We’re ready to get started!
- Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500 and check if we can service your area.
