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3 Things to Know About Lease Renewals in Orlando

3 Things to Know About Lease Renewals in Orlando

Were you aware that around two-thirds of Orlando residents rent instead of own?

If you own rental property, one of your main goals should be decreasing your tenant turnover rate. Lease renewals are an important process for both tenants and landlords alike.

In Orlando, the lease renewal process is an opportunity for landlords to keep good tenants and secure their income. In this article, we'll discuss three important things to know about lease renewals in Orlando.

1. The Lease Renewal Process in Orlando

The lease renewal process in Orlando tends to begin a few months before a tenant's lease is set to expire. The landlord or leasing manager will reach out to the tenant to discuss the renewal options. At this point, the tenant can choose to either renew their lease or give notice that they will be moving out.

If the tenant decides to renew, the landlord or leasing manager will prepare a new lease agreement that outlines the terms of the renewal. This may include a rent increase, changes to the lease term, and any other relevant details. The tenant will then have the opportunity to review and sign the new lease agreement before the renewal takes effect.

2. The Role of Leasing Managers in Orlando

Leasing managers in Orlando play a crucial role in the lease renewal process. They are responsible for managing the entire leasing process. The leasing manager works well with tenants and landlords to ensure a smooth and hassle-free process.

Some of their duties can include the following:

  • Advertising the property
  • Screening tenants
  • Preparing lease agreements
  • Collecting rent
  • Handling maintenance requests

One of the main responsibilities of leasing management in Orlando is to communicate with tenants about lease renewals. They'll get in contact with tenants to discuss their options and negotiate new lease terms. Leasing managers can also answer any questions that tenants may have about the renewal process, such as rent increases, lease terms, and security deposits.

3. The Benefits of Hiring Orlando Property Managers

Hiring a property management company can be beneficial for both landlords and tenants when it comes to lease renewals. Property management companies have the expertise to manage the entire leasing process. One of the main benefits of hiring a property management company for lease renewals is that they can help landlords keep good tenants.

Property management companies have systems in place to track lease expirations. They'll reach out to tenants about renewals. They can also provide valuable insights into market trends and rental rates to make sure that landlords are charging fair and competitive rents.

Lease Renewals in Orlando Don't Need to Be a Hassle

Landlords and tenants in Orlando need to take lease renewals seriously. Hiring a property management company can make the process so much easier.

Would you like to learn more about the benefits of hiring an amazing property management company? Contact us so we can fill you in on the services we offer.