Landlord Dilemmas: the expiring lease

Since the original intent of this blog was to document our experience as new landlords living next to our tenants I thought I'd break up all the baby cuteness (even though that is much more exciting!) with some landlord business. Overall our experience as landlords in Minneapolis has gone well. We applied for our license (and paid the hefty fee for change of ownership) and completed an inspection of both sides of the duplex. From here on out we simply pay a yearly fee. That's the easy part. The hard part is finding and keeping good renters. Lucky for us the rental market right now is really hot and the vacancy rate is at a record low.
When we purchased the duplex last year it came with renters through October 2011. This worked out well as we were remodeling the left side and didn't need both projects at the same time. When it came to find new tenants we simply posted an ad on Craigslist and within 24 hours had approximately 25 responses (to Kyle's cell phone I might add!). In hindsight we should have probably asked for a higher rent based on the response. Kyle ended up showing the apartment to the first people that responded and sold them on a one year lease. Kyle, Tyler, and our parents got the apartment ready by updating the kitchen, replacing the light fixtures, and painting almost every surface. I supervised as I was newly pregnant and complete anal about being near anything toxic!
They've been great tenants so far, they're quiet and claim to not hear our infant which is an added bonus. With their lease coming to end they asked for a 6 month extention.
This has many benefits for us:

1. It's costly to have people move in every year especially if this leaves the apartment vacant for any period of time

2. Every time new people move in and out you risk damage to the property

3. This extends the lease into next summer which is generally an easier time to find renters

4. I don't have to end my maternity leave cleaning up and painting :) :) :)

Kyle, forever my salesman, talked them into a 9 month extension which is even better!

Kyle's improvements to the renter's kitchen last year: new sink, new countertops and tile backsplash.