End of Tenancy and Breaking The Lease in Luray

At the end of the lease term in Luray, either party can opt to end the tenancy. The landlord could choose not to renew the lease or the renter could choose to not to renew the lease. If the property owner wishes to end the lease, or end our rental management services, please send us written notice as described in your management agreement.

If we don't receive such notice, we will strive to make choices that will keep your rental producing the highest possible net income. This means that we will typically contact a renter 6 to 8 weeks before the end of the lease in order to renew the lease.

At that point we give the renter two options:

1. Month-to-month --- This will include a large rent increase.
2. Renew the lease --- This will lock the rental property up for another year with a small rent increase.

When renters break the lease

Sometimes things happen which make a tenant to end the lease before the lease term is over. If this occures, Nesbitt Realty tries to minimize the impact of this event on the rental investor. If a renter leaves with little or no notice, this will surely cause the tenant to surrender the deposit but this is never a windfall for the rental investor. That money is consumed by paying for vacancy and the cost of acquiring a new tenant .

Readying the rental

We will have the carpet professional cleaned upon renter move-out and the actual cost of carpeting will be deducted from the renter 's security deposit, per your lease.
We recommend that the rental investor replace the carpet every 5 to 7 years. We recommend that the rental investor paint every 5 to 7 years.

Utilities

During vacancies we will either put the utilities in our name or in the owner's name.