Lease Renewal Tips

Is the lease on your Northern Colorado Rental Property expiring soon? We have some pro tips to share with you in order to make this process successful!

Start Your Lease Renewal Process Early

You should begin having conversations with your tenants at least 90-days in advance of the current lease expiration date. This will give you time to gauge whether or not they intend on renewing/staying in your property.

Give Your Tenants Specific Options to Choose and a Deadline to Respond

Option 1 might be to Renew the lease at “$X” per month for 12-months, Option 2 might be a month-to-month lease term, and Option 3 move out. Their deadline to respond should be at least 30-days prior to the lease expiration date.

Don’t Trip over Dollars to Pick Up Dimes

If you have a fantastic tenant who pays rent on-time, is satisfied with the home, and maintains the place, DO NOT lose them over a rental rate increase! I promise it is not worth it!! Vacancy is your enemy as a Greeley Rental Property owner. Let’s assume the current rental rate under the current lease with your tenant is $200 per month below market rents ($2,400/year); and the tenants decide to vacate because of the $200/month increase. You now have 1) a vacant property that will not be generating income for at least 30-days, 2) re-leasing costs to pay to your Property Management Company, 3) utility costs during the vacancy period, 4) make-ready repairs such as cleaning, carpet, paint, etc…. you get the point. These vacancy costs can easily exceed $5,000……the math just does not make sense. Propose a more nominal increase, such as 2-5% of the current rental rate.

Structure the New Lease so it Expires in a Good Leasing Season

Northern Colorado Rental Properties lease best in the Spring & Summer months. Write your new lease agreement with an expiration date between February 28th and August 31st. That way, you’ll be in a great leasing season in the event the tenant does decide to vacate.

Make it Official

Use an attorney-prepared lease extension document OR hire a great local Northern Colorado Property Management Company. Get signatures from all financially responsible tenants who were listed on the original lease.


If we at His House can be a resource for you, please do not hesitate to reach out! As a Greeley property management company, we’re committed to helping landlords throughout northern Colorado.