Lease Renewal Process

Lease Renewal Process

When a lease is approaching its end date, you may want to renew it with updated terms.

Renewal Options

Create a New Lease

The recommended approach is to create a new lease with the updated terms:

1. Go to the property and click Add Lease.
2. Set the start date to the day after the current lease ends.
3. Enter the new rent amount and terms.
4. Link the same tenant(s).

This preserves a clean history with separate records for each tenancy period.

Let It Go Periodic

If no new fixed-term agreement is signed, the tenancy typically becomes a periodic tenancy (rolling month to month). To reflect this:

1. Edit the current lease.
2. Remove the end date.
3. The lease status changes to Periodic.

Rent Increases

If you are increasing the rent at renewal:

1. Create the new lease with the updated amount.
2. All future payment periods will reflect the new rent.
3. The old lease's payment history is preserved.

Renewal Reminders

Latch sends a reminder 60 days before a lease's end date so you have time to:

• Discuss renewal with the tenant.
• Prepare and sign new agreements.
• Adjust the rent if needed.

Tip: Keep each tenancy term as a separate lease for cleaner financial records and reporting.