Rental Lease Agreements – What is a normal length?
Hi. Today I’m going to be answering a
frequently asked question from our residents and investors: “How long are
your leases?” Now, generally speaking, Upper Edge Property Management offers one year
leases, so for a period of 12 months. And the reason we do that, from a residents
point of view, is for security and stability. And from an investor’s point
of view, we like to offer one year leases because most financial institutions will
want to see a year lease for stability purposes to show that residual income
and have again that stability for the income of that property.
Some residents do ask “do you offer month-to-month leases?” and in a general
sense we don’t. We do obviously have month month leases for residents that
have been inherited from new properties for which we’re going to begin managing
and in rare cases if the resident needs a month month lease we can certainly go
and ask the investor on your behalf for that. If they agree, by all means we
can go ahead and sign that month month lease. So, hopefully that answers your
questions, and thanks for watching.