request for new lease 4 months in advance: should I be worried?

[tdh78au]

As the title suggests, tenants have asked for a new lease 4 months in advance. Current 12 months lease completes in May09; and they have already requested a new one to May10.

The PM doesn't seem to think anything cynical going on ... and the tenants have been pretty good till date. He's recommending to wait till mid-Feb to draw up the new lease.

Should I be worried? This is a first for me ... and seems all too good?

 

[graisme]

has the pm inspected the property lately? if all is well and rent is paid on time, what could be the issue? lock it in while you can. i assume that rent increase is automatic?

 

[Propertunity]

As the title suggests, tenants have asked for a new lease 4 months in advance. Current 12 months lease completes in May09; and they have already requested a new one to May10.

The PM doesn't seem to think anything cynical going on ... and the tenants have been pretty good till date. He's recommending to wait till mid-Feb to draw up the new lease.

Should I be worried?

I've had a lot of requests also from my tenants. I think they are worried on 2 fronts: worried that the rents will go up astronomically and worried that they won't be able to find a place if you end their tenancy. (I guess all media driven). It is just their risk mitigation strategy. Love it

 

[boomtown]

I think they are just giving themselves time to plan ahead. Its ok - go with it.

 

[GoAnna!]

One of my best tenants just renewed their lease due in July. They also offered $20 more than the asking price to secure the property. Some people are not good with uncertainties.

 

[BenQld]

I have had really good tenants for the past 12 months and their lease was due to expire in Jan 09, Back in Nov they asked if they could sign another 6 months, as they wanted to get the cable TV and internet hooked up, and didnt want to do it, if they werent going to be there for much longer.

I was happy, as it saved me finding new tennants, and these ones seem to keep the place neat and tidy and the rent is always on time.

Ben

 

[craigb]

They may have had a real worrying experiance b4 they got that one and are scared to have to go through that again, sounds good ,id lock em' in eddie!

 

[tdh78au]

wow ... that's few good +ve responses & helps to know that I'm not the only one in this boat.

Will give them the benefit of doubt and go with it.

thanks all

 

[mja]

I think they're just getting in early. May will be here before too long!

Here's a similar question along those lines... what's stopping a tenant from requesting, say, a 3 year residential lease? Obviously with yearly rent reviews included so the landlord is not getting screwed over...

I don't know how much extra comfort this may provide the tenant... a lot can happen in three years. Just a thought.

 

[zaph]

These tennants are really happy to stay and that's why they want to neg a lease early (if you're below market rental they may agree to a rent increase). while it is your house, it is their home. they must like their home if they want to stay on so urgently.