​As a property owner, one of the most critical decisions you will make is selecting the tenants for your rental properties. A successful tenant evaluation process is essential to ensuring that your investment remains profitable and your property is well-maintained.

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.