Owning rental properties is an excellent way to generate monthly cashflow while building wealth but when it comes time for lease renewals, is it better to renew leases or go after new tenants?
In this article, we will answer this question and provide you with insight into which option may be better for you.
Lease Renewals Vs. New Tenants
Although many people in the property management industry don’t fail to talk about how easy it is to get new tenants, the reality is that lease renewals in most cases are almost always the more cost-effective option.
When your tenant renews their lease, you can have confidence that the income from their monthly rent will continue for another 12 months. A lease renewal saves you the hassle of going after a new tenant and the hassle of potentially having to wait 30 days (or longer) until you find the right tenant.
Ultimately, your decision to focus on lease renewals vs. new tenants is up to you. One thing to keep in mind though is that even though it’s awesome to have a tenant renew their lease, the reality is that you’re also tied to that lease because it could be another 12 months until you’re able to make repairs or renovations to your property.
Contact Blackbird Realty & Management
At Blackbird Property Management, we specialize in local property management and we can assist you with knowing which decisions you should be making for your rental property.
To learn more about the services that we can offer you, contact us today by calling (702) 903-3556 or click here to connect with us online.