The tenants who have been renting from us since before COVID just informed us that they have bought a house and will be moving out. So now we begin planning for new tenants. There is some work that needs to be completed. The kitchen counters need to be replaced, pest control, painting, landscaping updates, and other maintenance items need get taken care of.
They haven’t given us a date for the move out yet, but wanted to give us a heads up. They were guessing that they will be moving out a month or two early. Depending on how early, I may or may not hold them to the early termination clause in the lease. We will almost certainly work something out, because they have been there for nearly four years and have always been on time with the rent. (The only time they were late was my fault, so I don’t count that one. I screwed up the electronic billing.)
The flip side is that we have been renewing the lease for about 10 percent less than market because I wanted to encourage the current renters to stay. We will adjust the price so that we are getting close to market, which means a 10% increase in rent. I hope that the place won’t be empty for more than a month or two.