A well-drafted lease renewal letter is instrumental in retaining quality tenants. A lease renewal letter is to be offered to existing tenants before the termination of the current lease. The purpose of the renewal letter is to highlight changes in an existing lease and to give an existing tenant an opportunity to renew the lease. Before drafting a lease renewal letter, it is important to have an understanding of current market trends, your state’s owner-tenant laws and more.

Tenants are one of the most valuable assets of the rental business. Owing to this reason, it becomes important to have a healthy relationship with them. Make sure to deal with tenant request and issues at the earliest. This makes them feel valued while adding sustainable value to the rental investment. Let us dig deeper into the importance of dealing with tenant request effectively.