When your current lease is coming to an end, it’s important to start thinking about what the next steps are to renew your lease agreement.
When your Lease Profile comes within 3 months of the end of the term, you will see a notice that the Lease is "Ending Soon".
In that same profile, in the Summary Page, you will see a Renewal Checklist. This checklist will take you through the correct steps to take when renewing your lease.
TurboTip: For more information on our Renewal Checklist, and how to use it effectively, check out our Help Center Article that will walk you through this process!
Here are the three steps to follow when you want to renew your lease to ensure the process is done properly:
1. Deciding on New Terms
To start the process of renewing your lease agreement, you must first decide on any changes or updates that you wish to make in the terms of your lease. Come to a mutual agreement with your landlord or tenant regarding any changes and update them.
TurboTip: You can message your renters directly from your TurboTenant account. For more information, check out our Help Center Article on how to message your Tenants directly!
2. Document the Change in Your Lease
Once everyone is in agreement, you should then draft the official document in order to legally finalize the changes.
We include both the ability to generate a Lease Agreement or a Rental Addendum (Premium Landlords Only). Keep in mind, that the Rental Addendum is specific to the Lease document created on TurboTenant. There are 2 instances where a Rental Addendum cannot be used:
If your original Lease Agreement was an external document (not a TurboTenant Lease Agreement)
If there are changes in occupancy; either a change in tenants at the property or a change in management (Landlord or Property Manager)
If you are creating a Lease Agreement, navigate to "Leases" and select "Add New Lease" in the top right. This will allow you to create a new profile and generate a new agreement for your renewal. Click the link to find out more about Creating a Lease Agreement.
If you're interested in creating a Rental Addendum, you'll need to sign up for our Premium Plan. With this plan, you'll have access to unlimited Rental Addendums as well as additional benefits. You can find out more about the Premium Plan in this article Premium Plan Article. When you're a Premium Landlord, you can easily create an Addendum from the documents section of your Lease Profile. The details from your Lease Agreement will already be there, so you won't need to create a new Lease when you make changes!
3. Updating The Term on Your Lease Profile
Lastly, you should update your lease term dates in your Lease Settings to keep your records up-to-date.
To edit the dates, you'll want to click the Edit button.
Then click Edit Term in your Lease Settings.
In this dialogue, you'll be able to enter the start date & end date, switch month-to-month, and decide what will occur after the lease term ends.
TurboTip: Charges in your account default to a Year Expiration. Check out our Help Center Article that details how to extend the expiration of your Rental Charges to continue through the new term!
When you’re finished, you’ll have finalized the new lease agreement or rental addendum - now it’s time to enjoy the rest of your lease!
Still have questions? Reach out to our Support Team via chat or by email at [email protected].