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In this video, Cameron from Emerson Property Management shares insights on lease renewals based on his experiences managing a growing portfolio over the past two years. He discusses various approaches to renewing leases, including verbal agreements, one-page addendums, and entirely new contracts. He highlights the importance of considering whether to increase rent during renewals. Some property managers prefer not to raise rent to retain tenants and reduce vacancy rates, particularly when previous leasing was challenging. Overall, he emphasizes the diversity in processes and strategies regarding lease renewals in property management.
