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Lease Renewal Checklist
Review Lease Terms
Check the current lease agreement for the expiration date
Review the terms and conditions, including rent increase clauses
Assess whether any amendments or updates to the lease are necessary
Tenant Communication
Notify the tenant about the upcoming lease expiration
Discuss any potential changes or updates to the lease terms
Provide the tenant with renewal options and incentives if applicable
Financial Considerations
Evaluate market rent rates and compare with current lease terms
Calculate the potential rent increase and its impact on the tenant
Consider any maintenance or upgrade costs before setting new rent prices
Property Inspection
Schedule a property inspection to assess its condition
Identify any repairs or improvements needed before the new lease term
Document inspection findings and address any issues promptly
Lease Renewal Documentation
Prepare the lease renewal agreement including any changes in terms
Ensure all legal requirements are met in the lease documentation
Obtain signatures from the tenant and property manager/owner on the renewal agreement
Record Keeping
Update the tenant's file with the new lease agreement
Record any changes in rent or terms in the property management system
File all related communication with the tenant regarding lease renewal
