If you own rental properties in Portland Oregon, you know that they are an excellent way to build wealth while establishing monthly cash flow.
There’s no denying that the cash flow can be great but, the big question is it more cost effective to have tenants renew their leases, or to rent to new tenants?
In this article, we will answer this question and provide you with insight into which is the better choice for landlords.
Rental Properties – Lease Renewals vs. New Tenants
Even though there are plenty of opinions in the real estate investing world on the topic of lease renewals vs. new tenants, the reality is that the answer on which option is more cost effective ultimately depends on the owner or landlord of the property.
Having the same tenant renew their lease after 12 months is wonderful because it saves the landlord the hassle of having to market their property and search for new tenants but the reality is that when a tenant renews their lease, that lease also binds the landlord.
When a tenant renews their lease, the landlord doesn’t have the ability to enter the rental property at will to make repairs or changes to the property, that they’ve been thinking about.
Yes, major repairs or changes to a rental property can still be made, if a landlord coordinates with their tenant.
The reality is that with the tenant gone, the landlord has the ability to work on the property at all hours without having to accommodate their tenant’s schedule.
Contact Rent Portland Homes
At Rent Portland Homes, we have decades of property management experience and our team can save you the time, money and hassle that comes with managing your investment property yourself.
To learn more about the property management services that we can offer you, contact us today by clicking here to connect with us online.