Renewal fees are charged whenever a Resident renews their lease.
About 90 days prior to your Residents' lease ending, our team will reach out to you requesting that you select a renewal strategy from 1 of 4 options:
- Aggressive: We will ask for an above-market average rent increase of 6%, and not negotiate below 4%. Select this option if you are comfortable with the property becoming vacant if the rent is not raised at least 4%.
- Market: We will ask for a moderately above-market average rent increase of 4%, and not negotiate below 2%. Select this option if you are comfortable with the property becoming vacant if the rent is not raised at least 2%.
- Conservative: We will ask for a slightly below-market rent increase of 2%, but will not raise the rent at all if necessary to maintain occupancy. Select this option if you want to ensure the property stays occupied, even if you don’t necessarily get a rent increase.
- Do Not Renew: Select this option if you do not want us to extend a renewal offer to the current tenant. We will serve them with notice to vacate the premises upon the expiration of their lease.
Should you choose one of these renewal strategies and your Resident accepts, we will charge a renewal fee per your Management Agreement. You can find your Management Agreement in your Owner Portal.
Should you or your Residents choose not to renew your lease, we will visit your home to identify any issues that require resolution to get your home rent-ready and proceed with our typical Turns process.