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multi year lease
Has anyone had a tenant wanting a 4 year lease? If yes, does the rent stay the same all 4 years? or is there a way to structure it to go up in certain years?
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Hi there! If you have a tenant asking for a 4-year lease, that can be a pretty big commitment! If you decide to move forward with it, you don’t have to keep the rent the same for the whole duration. One option is to include a clause for rent increases each year, maybe around 2-3% to keep up with inflation and rising costs. Or, you could increase it every couple of years—whatever works best for your property and your goals.
Just make sure whatever you decide is clearly outlined in the lease, and it’s always a good idea to have a real estate lawyer review it to ensure everything’s above board with local laws.
It can be a win-win: the tenant gets stability, and you’re protected from locking in too low of a rent for too long. Hope this helps!
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