Quick Tip for Lease Term Length
One of the factors to consider when choosing the term length for your lease and you sign your next tenant is the calendar. When you lease term ends is (obviously) the most likely time your tenant will move out. Therefore, it decreases vacancy (often, the most costly expense) to have your lease end during peak moving season. Moving seasons is usually in the summer, especially the first half of summer. So if you happen to be moving a tenant in during the winter, you may want to select a 6 or 18 month lease, then when the lease end, resign a 12-month lease. That way, when the tenant decided not to renew the lease, they will be moving out at a time that will be easiest to get another tenant. The shorter the vacancy, the less losses for your rental.