Last month, I posted about "Trying to Keep My Good Tenant" and I was waiting for a response from my tenant on her lease renewal choice. As posted in the previous post, I gave her two options for renewing the lease. I received a call from my tenant today and we discussed which lease option she chose.
My tenant will be renewing her lease; but not for the terms I presented to her. My tenant advised me that she is looking to purchase a house in the next year or so and did not want to be locked into a 24 month lease. She wanted to know if I would be willing to do a 15 month lease instead of a 12 month or 24 month lease.
Since she renewed for more than 12 months but less than 24 months, we agreed to a 10% increase. I think this trade off is more than fair as she could have haggled for the 5% increase. Things aren't final yet and won't be until I print up a modified lease agreement and meet with her later today to have it signed.
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