My first post long time reader.

My current long tern tenants have switched to a month-to-month last tear because they were looking for a house to buy, but they've given up looking for a house and want to keep renting from me. I want to have them sign a new 1 year lease and also increase rent from $900 to $975. They agreed and we will do so. My question is this..

Should i re-screen them and do another application, credit and background check for the new lease signing?

Theyve been paying fine but does seem like theyve been having more difficulty monetarily.

Also, how much are you guys charging for extra storage in your properties to your tenants?

Personally I don't rescreen on a new written lease with a current tenant that I've had no issues with.

I will send an increase of rent letter, to inform tenant there is a change in terms of the lease.

You say, "they have been paying fine"

Have you been in the home to do a fall maintenance inspection?

I don't charge for extra storage.

What is extra storage, an outside shed?

I found that if this is a simple renewal of the same location, you don't need to re-screen. However if your tenants were moving from a 1 bedroom to a two bedroom apartment with a higher rent -- then I would re-screen.

Josh, you don't really need to go through everything, but you should verify their employment and probably ask for copies of some of the current utility bills to make sure they're not falling behind. You might even want to run another credit report on them.

But if you feel like they might be struggling, I don't think I'd be so quick to offer anything other than a month to month option at this point. You can still increase the rent as planned.

Josh,

We have residents provide a fresh application each year. Phones and jobs often change.

Bad credit might be why they gave up the house hunting.

Yes, I would repeat the full screening but not charge them.

Things may have changed, there might be pending lawsuits, etc.

You'll need a fresh lease. Don't try to do this with addendums or letters. Just do a clean lease.

"more difficult monetarily" - how do you know? Have they been late? Not a comforting phrase for a LL!

They sound like a good candidate for PayDayPlan Rent.

Renters LOVE it! Helps them stay on track.

BRAD

Thanks for your input guys. I did do a few upgrades during the time of their stay upward of a few grand. And never raised rent. So i think i can do so now, especially with the recent climb in rent and home prices.

By extra storage i meant anything outside of their apartment like in the yard or basement.

By them having difficult time i mean they've been telling me for the past year that they have been running low on money. But never not paid or late.