IHRPEM offers lease renewals to most tenants by the following process.

We encourage all owners to pay for an inspection three months prior to renewal so we can assess if the tenant is taking care of the property. After reviewing the inspection and their rental payment history, we will assess the current market rent and then offer the tenant a renewal.

We will always defer to the owner’s request on lease renewals, including the price and the dates. We send out emails about lease renewals to the owner around 90 days before the lease expires, asking owners to reach out if anything has changed since the last information we have on file. We expect that if owners want to change any terms, they will reply within 15 days to give us time to send out a renewal to the tenant in a timely manner. Our standard rent increase is a yearly 4% increase. Alternatively we offer a 2% increase for a 2 year lease. Should a tenant choose to fall month-to-month, the rent will increase by 10%. This increase is to protect the property owner from the possibility of a sudden vacancy, as a month-to-month lease would only require a 30-day notice before vacating.

If you are thinking about selling your property, moving back into your unit, providing a family member a place to live, etc., anything that will affect the tenant’s lease status, we will need to know immediately. Our lease requires a 30-day notice of non-renewal and notice to vacate. Ex. If an owner reached out to me on 2/1 and requested their tenant’s lease, which is up on 3/1, not be renewed, it is highly likely we have already sent this offer to the tenant, and a new lease has already been signed or finalized. Please contact [email protected] with any questions here.