More renters than ever are opting to renew their lease instead of moving to another place.
Whether you're a landlord, property manager, or tenant, knowing the terms of a lease and understanding the complexities of lease renewals will help you foster positive living conditions.
Keeping reading for a quick look at how lease renewals work in Oklahoma and what key information you need to know.
1. A Lease May Automatically Renew...But Not Always!
Many landlords or property managers choose to create a lease that automatically renews after the term period is up if the tenant doesn't indicate that they want to move out. If a tenant wants to move out once the lease is up, they must give 30-60 days' notice.
Landlords should ensure there's a clause in the original lease explaining whether the lease automatically renews or not and if any action needs to be taken on the tenant's part to continue living in the property.
According to Oklahoma state laws, if a tenant continues living in a property after the lease expires and the landlord accepts their rent, the lease has automatically renewed.
2. Lease Renewal Terms May Change
Once tenants go to renew their lease, they are technically signing a whole new one. Once the allotted lease terms and length are up, a landlord or property manager can make changes if desired.
For example, many landlords take the opportunity to increase the rent once the original lease has expired.
Landlords should go through the new lease in detail to make sure that everything in it is still up to date and accurate for the upcoming rental period. Likewise, tenants shouldn't assume the lease is the same and not read it. Both landlord and tenant should have a deep understanding of the lease renewal agreement terms before signing it.
3. Renewing a Lease Isn't Guaranteed
Just because a tenant enjoys living in a property and wants to sign a lease for an additional period doesn't mean it is guaranteed.
Landlords are not required to renew a tenant's lease, and there are many reasons why they may choose not to do so. If a tenant pays the rent late or is disruptive, a landlord may choose not to have them sign a lease for another year (or another period of time). And sometimes, a tenant isn't responsible for a landlord's decision not to renew a lease, such as if the landlord wants to use the rental property for other purposes.
Tenants shouldn't assume their lease is going to be renewed and should reach out to the landlord or property manager at least a month or two beforehand to find out if there are steps to take to renew (or check the details of the current lease).
Your Quick Guide to Lease Renewals in Tulsa, Oklahoma
Lease renewals don't have to be confusing. As long as the lease is detailed and all parties communicate with each other to know what the protocols are, things are sure to succeed.
If you're looking for property management help in Tulsa, Oklahoma, you're in the right place. Contact us today to find out how we can assist you.
