Offering to extend a lease can help your tenant in many ways since locating and moving to a new property can take time, money, and other resources.įor example, you may want to extend a tenant’s lease that expires during the holiday season. There are a few reasons you should use a simple lease extension agreement: Create Goodwillįirst, you may want to use a lease extension agreement when you have a good relationship with your tenant and would like to give them a place to stay for a few months after the original lease expires. When Should You Use a Lease Extension Agreement? Keep in mind that there are many instances when a landlord and tenant will agree that being locked into a lease for another full term is not beneficial to either party. Often, landlords find that lease renewals offer more stability for their real estate business because the property owner and tenant commit to a lengthy term, such as ten, eleven, or twelve months.
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