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How to bold city in the Lease Renewal

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hey guys cameron here with emerson property management every week i bring you tools tactics strategies lessons ive learned things have helped me build up a size one portfolio about two years and now manage that portfolio today guys i want to talk about renewals um i dont know how youre renewing your leases um people do it all sorts of different ways sometimes theyll do um a verbal and just say hey okay youre gonna stay cool we have an existing lease in place some folks do a one-page you know renewal kind of addendum to the lease some people sign a whole new lease so it just totally depends on what what your process is and what you want to do but on renewing that are you guys getting any extra rent are you guys just happy to have them stay so you dont want to get any extra rent youre like oh i dont want to i dont want to disturb the 10 im not going to raise the rent i want them to stay so i reduced my vacancy you know this property was kind of hard to lease last time so im ju

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What is the difference between renewing and extending a lease?

A lease renewal is when the tenant and landlord agree to another lease term, which may require creating a new lease with updated clauses and a higher rent price in most cases. A lease extension is when tenants need the term extended for a certain period with a lease amendment.

How to negotiate a lease renewal in NYC?

Heres what to know if you are negotiating a rent increase during lease renewal. Understand how market-rate units work. Point out your track record. Stay calm and ask politely. Do your research. Get intel from your neighbors. Small landlords might be more willing to negotiate. Make the case for an upgrade.

What is the difference between renew and extend agreement?

Generally, a contract renewal will involve the parties renegotiating the contract terms and entering into a new agreement to replace the existing one. Whereas a contract extension simply extends the term of the existing agreement for a period of time, sometimes with minimal renegotiation of the terms (e.g. pricing).

What is the legal definition of renewal?

1) Voluntary re-establishment of a legal relationship created by a previously agreed-to but expired contract. That is, renewal is not merely an extension of a previous contract but is effectively the creation of a new contract that recreates the previous and now-renewed contract.

What is the difference between renewal and extension?

The main difference, however, is that when a contract is extended, the contract period is extended on the basis of the existing contract, while when a contract is renewed, the existing contract is replaced by a new one. A contract extension is essentially a contract renewal without changing the terms of the contract.

What does renewal mean in contract?

Contract renewal is the extension of an existing contract for a new term, the duration of which is specified in the contract. The renewal is often effective with no new consideration, although it is important to look to the laws of a particular state when considering this issue.

Do you have to pay another security deposit when renewing lease in California?

You Can (Usually) Keep the Existing Security Deposit in Place, Even if You Raise the Rent. When you renew a lease, you are signing a new tenancy agreement. Maybe everything is staying exactly the same, or perhaps youre raising the rent. Either way, you can opt to carry over the existing security deposit.

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