I need some advice. We are on our second batch of tenants for our duplex (we owner occupy). We require a 12 month lease when we rent, but this is the first batch that has intended to stay on. I asked them a few months ago if they were planning on renewing the lease, and even offered to let them sign early to get on the academic schedule since he is a lecturer at the local University and contracts only run through July. They said he was actually looking for a new job, and would stay depending on the commute but weren't ready to sign another lease.
They are great tenants. Should we let them convert month to month and let them stay (knowing they may decide to leave in a few moths), or require another 12 month lease? My hesitancy on month to month is that currently their lease expires right during the prime time to get new tenants in (we tend to go for post docs or academics). We would be ok with a shorter 9 month lease because we do plan to do some work back there before the next tenant. But I worry they will leave in November or December, which is a terrible time of year for us due to the university schedule (everyone already has housing), and because I am currently pregnant and due at the end of December. Finding tenants over the holidays or right after I have a baby when I am the primary person who handles the rental seems like a nightmare. But I am also not sure I want to turn down certain rent and have to hassle tenants we like into signing or moving.
What would you do? Any advice? We tried to place a tenant once in Feb/March and it was a disaster (low credit, totally crappy applicants, tons of smokers even though we said no smoking). We can afford to keep it empty if needed, but I don't want to lose the extra income.
I'm planning on sending them an email tonight since the lease expires in 30 days asking if they are interested in signing a new lease and if they have figured out what they want to do, but not making any ultimatums.