Lease Expiring

Little Jonny · January 19th, 2009, 07:58 PM

Any property managers here who can give ma an opinion the following;

One of my tenants' lease is expiring at the end of this February 09. She has not indicated if she will renew or not. I have sent various letters, emails and voice messages but none of them have had any response. What are my options?

TheSuper · January 19th, 2009, 08:54 PM

Read the lease and start flexing your muscle. There must be a provision for you to show the suite 6 to 12 months before lease expiry if the tenants hasn't told they that they will renew. Give her 24 hours written notice and start showing the suite. The lease rules.

I'm not a PM so wait till one of them clue in.

Feroz · January 20th, 2009, 12:33 PM

This is interesting as it could be a common issue in this line of business and legal ramifications may come into play.

Little Jonny · January 20th, 2009, 02:07 PM

Quote:

Originally Posted by TheSuper

Read the lease and start flexing your muscle. There must be a provision for you to show the suite 6 to 12 months before lease expiry if the tenants hasn't told they that they will renew. Give her 24 hours written notice and start showing the suite. The lease rules.

I'm not a PM so wait till one of them clue in.

Are you a Property Manager?

TheSuper · January 23rd, 2009, 01:05 PM

Quote:

Originally Posted by Little Jonny

Are you a Property Manager?

No, I'm The Super.

Vicki · January 23rd, 2009, 01:12 PM

In Property Management the Lease rules. Does the lease indicate a Notice Period for advising the LL of their intention to renew? If the time as passed, the LL can decide to

1) allow the tenant to continue on a month-to-month basis at the end of the lease.
2) advise the tenant that you will not be renewing at the end of the Lease
3) Work on re-letting the space.

TheSuper · January 23rd, 2009, 01:21 PM

Quote:

Originally Posted by Vicki

In Property Management the Lease rules. Does the lease indicate a Notice Period for advising the LL of their intention to renew? If the time as passed, the LL can decide to 1) allow the tenant to continue on a month-to-month basis at the end of the lease. 2) advise the tenant that you will not be renewing at the end of the Lease 3) Work on re-letting the space.

Now there's a Property Manager talking with over 15 years of experience.

grace · February 24th, 2009, 12:21 AM

Any expired term tenancy that is not specifically renewed for another term, automatically defaults to a month-to-month status. Some leases (mostly in the commercial sector) contain a penalty for that called "hold-over", where the rent increases significantly. But if your lease doesn't have that provision, then you'll probably be on month-to-month at the same rent your were currently paying when the lease expired. Keep in mind though that a Landlord may be able to change the terms (including rent) of a month-to-month tenancy with 30 days notice, so it's probably in your best interest to try and renew if your intention is to stay.

January 19th, 2009, 07:58 PM	#1
Little Jonny Senior Member Join Date: Jan 2009 Location: Toronto, Canada. Gender: Male Posts: 137	Lease Expiring Any property managers here who can give ma an opinion the following; One of my tenants' lease is expiring at the end of this February 09. She has not indicated if she will renew or not. I have sent various letters, emails and voice messages but none of them have had any response. What are my options?

January 20th, 2009, 12:33 PM	#3
Feroz Junior Member Join Date: Jan 2009 Posts: 10	Interesting This is interesting as it could be a common issue in this line of business and legal ramifications may come into play.

January 19th, 2009, 08:54 PM	#2
TheSuper Administrator Join Date: Jan 2009 Location: Plano, Texas, Posts: 95	Read the lease and start flexing your muscle. There must be a provision for you to show the suite 6 to 12 months before lease expiry if the tenants hasn't told they that they will renew. Give her 24 hours written notice and start showing the suite. The lease rules. I'm not a PM so wait till one of them clue in.

January 23rd, 2009, 01:12 PM	#6
Vicki Junior Member Join Date: Jan 2009 Posts: 1	In Property Management the Lease rules. Does the lease indicate a Notice Period for advising the LL of their intention to renew? If the time as passed, the LL can decide to 1) allow the tenant to continue on a month-to-month basis at the end of the lease. 2) advise the tenant that you will not be renewing at the end of the Lease 3) Work on re-letting the space.

February 24th, 2009, 12:21 AM	#8
grace Junior Member Join Date: Feb 2009 Location: Canada Gender: Female Posts: 23	Any expired term tenancy that is not specifically renewed for another term, automatically defaults to a month-to-month status. Some leases (mostly in the commercial sector) contain a penalty for that called "hold-over", where the rent increases significantly. But if your lease doesn't have that provision, then you'll probably be on month-to-month at the same rent your were currently paying when the lease expired. Keep in mind though that a Landlord may be able to change the terms (including rent) of a month-to-month tenancy with 30 days notice, so it's probably in your best interest to try and renew if your intention is to stay.

Lease Expiring

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