How to Renew a Lease
Even though you have a good relationship with your tenant, renewing a lease is still complicated for both parties since it may require renegotiating the lease due to the financial situation of each side. When the economy is up, the Landlord may increase the rent; on the contrary, the tenant may ask for a decrease due to their current situation.
For the above reason, we would like to provide a few steps to notify the other party properly about your intention to renew your lease and remain on the premises; either the Landlord or the tenant can write this lease renewal letter.
Step 1 - Write Notice
Depending on the purpose, the lessor may send a lease renewal notice to the lessee. If the owner wants to add new terms or conditions, they need to mention them in this letter.
Step 2 - Send Notice
The owner should send the letter 30 days before the expiration date to notify their renters.
Step 3 - Wait For The Response from the Tenant
The tenant should respond before the deadline stated in the letter. However, they may want to discuss the rent rate and new terms with the Landlord. Then, it is better to schedule a meeting in person to renegotiate.
Step 4 - Write The New Lease
If the lease terms are unchanged, both parties can sign a simple 1-page lease renewal agreement. However, after the meeting, the lease has many changes from both the renter and the Landlord, so it is better to create a new lease agreement with additional terms.
How to Compose a Lease Renewal Letter?
Make sure that your letter includes the following parts, or you can use our Lease Renewal Letter template as a reference :
- Information about the Landlord and the Tenant: Includes name, address, and telephone number for identification purposes of both sides.
- Property Information: Subject to the occupied property and indicate its location in detail, including building number, street name, city, state, and zip code. In addition, you can mention what type of property ( flat, house or building, etc.)
- Lease Agreement Indication: You include the original lease agreement's expiration date and inform them of your intention to renew a new lease. Additionally, if you have excellent tenants, express your gratitude towards them in this letter.
- Renewal of Lease: In this section, both the landlord and the renter can propose the renewal of the lease. Any modifications to the terms and conditions, including adjustments in rent, lease duration, etc., should be clearly outlined in this lease renewal letter with a brief explanation.
- Conclusion: Both parties can use this part to express their hope for acceptance and future collaboration and offer help if they would like to receive more information.
- Signature: Finally, sign off the letter with your name and the date of writing.
KEYNOTE
Keep the letter in 1-page length. Also, give a timeline within which the Tenant must reply. If the sender is the landlord who wants to add new terms and conditions, we recommend attaching a new lease agreement.
Samples of Letter To Renew Lease
Are you still looking for a template? Here are our two examples of letters To the Tenant and the Landlord. You can use our document generator to customize your letter faster with our samples:
- Select a template.
- Fill in your information by answering our simple questions.
- The letter will be generated and ready to be reviewed and downloaded professionally.
Simple lease renewal letter to tenant template
For a simple letter to renew the lease for Landlords, click the Edit This Template button below to start customizing it.
Related Post
Sometimes, you may need to raise the rent for your tenants. You can easily create an official🔗Rent Increase notice letter using our editable templates for such occasions.
Free lease renewal letter template To Landlord
If you are a renter who is looking for the lease renewal letter to landlord sample, then our second template here is for you to edit and download:
Related Post
To rewrite a new lease agreement for adding changes in terms and conditions, check out our article for a reference:🔗Rental / Lease Agreement Templates.
If you decide to terminate your lease, you can have a look at our article 🔗Not Renewing Lease Letter (Word & Template) for ideas on how to write it. We also mention what process you should know before and after sending this letter.
