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Cameron from Emerson Property Management discusses lease renewals, sharing insights from his experience managing a sizable portfolio. He highlights various methods for renewing leases, including verbal agreements, simple addendums, or signing new leases. Cameron emphasizes the importance of considering whether to increase rent during renewals or to keep existing tenants at the same rate to minimize vacancy. He notes that maintaining a stable tenant can sometimes outweigh the benefits of raising rents, especially if the property has previously had leasing challenges. Ultimately, he encourages property managers to evaluate their own processes for handling lease renewals effectively.
