In some circumstances and markets, it makes sense to offer longer rental periods, such as multi-year leases. These leases offer the tenant the peace of mind of no rental increases or a pre-set annual increase while allowing them the security of knowing where they will live for an extended period of time.
Benefits
Landlords benefit from longer-term leases in that they can be a powerful way to retain reliable and trustworthy tenants. Longer leases also reduce vacancy time and avoid the frequency and cost of marketing the property and screening new tenants.