Lease Renewal Process by GTL Real Estate, GA and FL Property Management
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GTL Property Management & Sales, LLC
5111 S Ridgewood Ave suite 201a, Port Orange, FL 32127, USA
Phone: +1 386-868-1949
GTL Real Estate - Atlanta
Address: 120 Village Cir, Senoia, GA 30276, USA
Phone: +1 678-648-1244
Hi. Todd Ortscheid here with #GTLRealEstate. I wanted to talk this week about the lease renewal process and how we determine what the new monthly rent will be when we do a lease renewal.
When we do a lease renewal, we have a pretty regimented process for how we do this. We want to make sure that we're always sticking to that fair market rent, and that's very important. We do that market analysis to determine what that rent will be.
The bottom line is that when you set your rent, it should not just be a gut feeling as to what that rent should be, or it shouldn't just be a set amount that you increase every year just all the time no matter what. It should be calculated based on market conditions.
So what's the reason that we do this process? Why do we make sure we follow this regimented way of doing rent increases?
The reason for that is fair housing issues. We want to make sure that every tenant is treated equally, everybody's treated just the same as every other tenant that we rent to. That makes sure that nobody can say that we're discriminating, that we're showing favouritism, that we're treating anybody differently than anybody else. That protects us, and it also protects you as the landlord.
When setting your lease renewal increases, make sure you set that down on paper so you have something to show in case there was some sort of discrimination claim. Have a written policy. That's the best way to protect yourself from any sort of problems in the Fair Housing or discrimination arena.
If you have any questions, feel free to send us an email at [email protected]. If you don't have a property management company and you want to hire a company that's going to follow this kind of regimented process, give us a call to talk to us about managing your property and we'll be happy to talk to you about that. Thanks.
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GTL Property Management & Sales, LLC
5111 S Ridgewood Ave suite 201a, Port Orange, FL 32127, USA
Phone: +1 386-868-1949
GTL Real Estate - Atlanta
Address: 120 Village Cir, Senoia, GA 30276, USA
Phone: +1 678-648-1244