How long of a lease should we sign?
The term of the lease can depend on the property owners’ own needs. But if the rental is an investment property, the property owner is typically going to want a 12-36-month lease. However, the time of the year does play a factor. For example, if Real Property Management Hampton Roads / Dominion fills the vacancy in November, a 12-month lease would end in December and if the tenants decide not to renew the lease, the property owner is looking at filling a vacancy in the worse month possible. So Real Property Management encourages leases to expire in any months outside of September, October, November, December, and January.
Should I consider a short-term lease?
Depending on the property owner’s needs and the current market conditions a short-term lease may be a good alternative. Sometimes the property owner is looking for a long-term lease and then along comes a tenant wanting a short-term lease because they are having a home built or they just moved into the area and want to rent for a while before they buy. If that is the case, Real Property Management may actually recommend that the property owner sign a short-term lease.
