Why a 60-day notice is important for Palm Beach County rental properties
One of the most crucial tips to minimize vacancy time as a landlord, especially when dealing with rental properties in Palm Beach County, is to ensure that your lease agreement mandates a 60-day notice period from the current tenant before they decide not to renew their lease. This is a critical step, as it deviates from the typical 30-day notice requirement found in standard lease agreements.
The reason behind this extended notice period is closely tied to the unique dynamics of South Florida's residential properties, which are often subject to oversight by homeowners’ associations or condo associations. In such cases, prospective tenants must go through a rigorous application process with the association after the landlord has approved them as suitable tenants.
“In 2023, Florida has the most homes belonging to HOAs. Out of 8.9 million homes in Florida, 3.9 million of those are in HOAs–which is about 45%.”- Source
Typically, these associations take anywhere from two weeks to 30 days to approve a prospective tenant to reside within the community. By requiring a 60-day notice from your current tenant, you essentially grant yourself twice as much time to find a new tenant and guide them through the association's approval process.
Here is how the 60-day notice strategy works in practice:
- Immediate Action: As soon as a tenant informs us that they won't be renewing their lease, our first step is to reach out to them to set up a showing schedule.
- Marketing and Showings: Simultaneously, we commence marketing the property and scheduling showings, all while the current tenant is still in residence.
- Early Tenant Placement: In most cases, we can secure a new tenant and obtain approval from the homeowners or condo association before the property becomes vacant.
By following this proactive approach, we significantly reduce the risk of extended vacancies. Without this strategy, there is a potential delay of anywhere from two weeks (in the best-case scenario) to 30 days or more while waiting for association approval, which can leave the property unoccupied.
In many instances, when the previous tenant is moving out, we already have an approved tenant in place, both by the association and ourselves. This ensures a smooth transition, requiring only minor repairs and maintenance to prepare the property for the next tenant, ultimately resulting in little to no vacancy time.
Home Property Management has experience pre-leasing properties in the Palm Beach and Martin County areas. We have several pricing plans so you can choose the one that best fits your needs. If you have any further inquiries about this strategy or property management in Palm Beach County, please don't hesitate to reach out to us at 561-508-8111.