Handling Lease Renewals in Georgetown
Lease renewal is where a lot of avoidable turnover happens — not because a tenant wants to leave, but because the renewal process was handled poorly or too late.
Start Early
Reaching out 60-90 days before lease expiration gives both sides time to plan, whether that means negotiating a rent adjustment or starting the marketing process without a vacancy gap if the tenant is moving on.
Setting the Renewal Rent
Compare current Georgetown market rent for similar properties in the same submarket before setting a renewal number — a modest, market-justified increase is easier for a good tenant to accept than a steep jump with no clear rationale.
Weighing Renewal Against Turnover Cost
Marketing, screening, potential vacancy, and turnover maintenance all cost money — in many cases, a smaller increase that keeps a reliable tenant beats a larger increase that pushes them out.
Documenting the Renewal
A renewal should be documented with a signed addendum or new lease, not a verbal agreement, to keep terms clear for both parties going forward.
When a Tenant Won't Renew
Early notice that a tenant isn't renewing becomes valuable time to start marketing before the unit goes vacant, minimizing the income gap between tenants.
Frequently Asked Questions
60-90 days before expiration, giving time to negotiate terms or start marketing if the tenant isn't renewing.
Not necessarily — weigh a modest, market-justified increase against the real cost of turnover before deciding.
