Part I: Notice to Terminate Lease at the End of the Initial Term – Market Rate Resident
Every resident’s lease term will one day expire. Although you likely want to retain as many residents as possible, certain circumstances just aren’t a good fit, for either party or both. How do you go about terminating the resident’s lease at the end of the term? How does your resident?
The answer? It depends. The lease will dictate the notice required by either party to terminate the tenancy. However, what if the lease is silent? Other considerations are also important, including whether your resident is in a market rate unit, Section 42/LIHTC unit, or receives a Sec. 8 Housing Voucher. Part I will cover Market Rate Residents, Part II will cover Non-market Rate Residents, and Part III will cover month-to-month tenancies.