Though a two-year lease does carry certain benefits, this kind of arrangement can also cause issues for you as a landlord. Let’s explore the points you should keep in mind before allowing this kind of contract.
Should you agree to a two-year lease? Truthfully, the best way to answer this question is to consider the positives and negatives of such a contract, while also factoring in your own goals.
First, a major benefit of this kind of lease is that it provides consistency. Obviously, it secures the unit for a longer period of time than a typical 12-month lease, and this can be advantageous from a maintenance perspective.
However, this longer commitment also carries certain detriments. If you wanted to sell the property, for example, it would be subject to that lease. Also, generally speaking, renters will often ask for a discount or rent stabilization as an incentive to the agreement.
Beyond these points, it’s also important to realize that there are additional bureaucratic obligations associated with a two-year lease. As an example: Any lease longer than one year must be notarized.
Of course, our team would be happy to guide you through all of these points and more when you work with us. If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.