Topic: What does everyone think about natural lease end dates vs the last day of the month?

What does everyone think about natural lease end dates vs the last day of the month ? I like natural because it breaks it up for larger props and helps maintenance not having them all at once. Does anyone have a good article on this. My company is newer just hit 1000 units, whoop whoop

Staggered dates and we try to do Monday or Teuesday because it is easier for their move out and then maintenance can start new on the beginning of the week

Use renewal management in your program. Tells you the best dates for a lease to expire. I prefer staggered.

Most people will still move out at the end of the month, unless they are being transferred for work, buying a home, or moving because of financial circumstances.

I’ve done both ways. I can 100% say it’s better operationally and financially for a property to NOT have all leases expiring on the last day of the month. That was something that off-site owners/financial guys people thought was a good idea many years ago. But in actual practice it hurts the property.

Alternate between the 15th and last day of the month.

You can then manage how many you allow to expire each month vs beginning/end of month when you’re writing leases.

For example you can have 10 expire in December, 5 on the 15th and 5 on the 31st.

Natural expiration dates don’t let you manage how exposed you are to a dip in occupancy/cash flow but this would be a happy medium IMO.

I’ve done both. The natural end date makes it easier on everyone. Especially maintenance and vendors.

We end all of ours on Sunday closest to start date - less vacancy loss and fewer turns all at once .., I do not miss the days of all leases ending on the last day of month

Limiting yourself to one or two days a month is absurd and a thing of the past. However managing staggered expirations effectively is best done when you have all leases end on a specified day (Monday). You can still use a lease expiration graph or chart to manage the number expiring in a particular month. This allows 90% of your move outs to move out over the weekend then give you keys by Monday. By doing so, you can begin maintenance, etc and theoretically have someone move in on Friday / Saturday resulting in a 4 (ish) day vacancy loss. I’ve run multiple properties and portfolios like this and it has been the most effective way to increase overall NOI despite demographic, delinquency and other factors. I’d fight tooth and nail if told I could no longer do this as it immensely contributes to my NOI and Total Rent Revenue.

I'd preferred it to be staggered. When I'm doing month end and I just moved someone out, I don't know all the charges just yet.....

I like to do the natural date plus the days it takes to get to Sunday. Then we have Mon to Fri to get it turned. Having all leases end at the end of the month doesn't make sense for a good maintenance workflow or ease for planning for people moving in.

We do lease to end of month but we don’t charge lease break fees if someone moves within a couple weeks of the lease end. Many give notice for a week or so AFTER the lease end too. It gives our tenants the flexibility to move when they actually need to without being jerks about fees or charging extra rent, and our maintenance doesn’t get all vacancies in one day.

We end our leases on Monday. It really works out and residents love it bc they all need the weekend to move out anyways. We are also closed Sunday’s so they turn in keys Monday we can do final walk with them and the property still gets rent for Monday.

I have worked both! I agree on the larger property it is a definite benefit! If you keep the renewal notices going out the same, like any expiring in August go out June or July 1st depending on your policy you are covered!

We stagger our lease end dates to end on a Sunday. That way they can have the apartment ready by Friday. It creates less vacancy loss.

I LOVE it. So much easier for our Maintenance team and our Leasing team. We can spread out our turns and our move-ins, rather than have this huge influx at the same time we're trying to close out one month's financials and start up a new month!