- Joined
- Sep 26, 2007
- Messages
- 6
Hello all,
I am renting out a heated single garage in Calgary`s SE and am asking $150/mo for a 12 month term - renewable at lease end for another 12 months. The problem I am encountering is resistance from the market on the length of term (feedback on price is very good). Most potential tenants want something close to a 6 month w/ the option to renew either month to month or for another 6 months at a time. Obviously this doesn`t work too well in my favour for fear that they don`t renew after the initial 6 months and I`m stuck with an empty garage come spring/summer. I obviously want a longer term lease locked in to minimize my workload with renewals and keeping a long-term cash flow.
My dilemma is that I have a good prospective tenant who is asking for these terms but I`m not sure that if I refuse the 6 month term offer and request the 12 month term that he`ll stick around. What type of experience have other REIN memebers had on this topic? Are you getting 12 month leases or are you bending to shorter term leases? Do tell...
Thanks,
Craig
I am renting out a heated single garage in Calgary`s SE and am asking $150/mo for a 12 month term - renewable at lease end for another 12 months. The problem I am encountering is resistance from the market on the length of term (feedback on price is very good). Most potential tenants want something close to a 6 month w/ the option to renew either month to month or for another 6 months at a time. Obviously this doesn`t work too well in my favour for fear that they don`t renew after the initial 6 months and I`m stuck with an empty garage come spring/summer. I obviously want a longer term lease locked in to minimize my workload with renewals and keeping a long-term cash flow.
My dilemma is that I have a good prospective tenant who is asking for these terms but I`m not sure that if I refuse the 6 month term offer and request the 12 month term that he`ll stick around. What type of experience have other REIN memebers had on this topic? Are you getting 12 month leases or are you bending to shorter term leases? Do tell...
Thanks,
Craig