Flexibility isn’t just for yoga enthusiasts—landlords can benefit too! Offering flexible lease terms might be the secret sauce your rental property needs to attract great tenants and keep that income flowing like your morning coffee. At Nesbitt Realty, we like to call this landlord gymnastics.
1. More Tenants, Less Stress
Imagine this: Alex the freelancer needs a six-month lease. Mary the consultant? She’s here for nine months tops. Now, what if you had a lease that fits their Goldilocks needs?
What is the point? Not everyone needs or wants a standard 12-month lease. Some tenants are in transition, relocating for work, or only need short-term housing. Offering options like month-to-month, six-month leases, or extended leases can attract a broader range of tenants who might otherwise look elsewhere. With flexible terms, your property becomes the answer to their rental prayers.
2. Goodbye, Awkward Gaps
You know those weird three-month periods where your property sits empty, just staring at you accusingly? Short-term leases can fill those gaps like a good landlord Band-Aid. Why let your rental collect cobwebs when it can collect rent instead?
3. Happy Tenants Stick Around
Life happens: new jobs, new babies, and maybe even new hobbies that require a big basement. When tenants know you’re adaptable, they’re more likely to stay—and when they do leave, they’re more likely to say nice things about you. (Hint: That’s Yelp review gold!)
4. Potential for Higher Rent
We all love a little extra cash. Flexible leases, like month-to-month arrangements, often come with a higher price tag. Why? Because flexibility is a luxury. And let’s face it, luxury should always come with a price.
5. Control the Calendar, Control the Market
Want leases to end in the sunny, competitive days of summer? Flexible terms give you the power to align expirations with peak rental seasons. No more trying to rent your place during the post-holiday slump.
Pro Tip from Nesbitt Realty
Always spell everything out in your lease agreements. We’re talking the who, what, when, where, and why of flexible terms. Ambiguity is the enemy of a happy landlord-tenant relationship (and your legal fees).
So, whether you’re an experienced landlord or just dipping your toes in the rental pool, consider flexing your lease terms. Who knows—you might just win the Rental Olympics. Gold medal optional, but highly encouraged!
