This tool provides an estimate of costs associated with prolonging a rental agreement beyond its original expiration date. It typically factors in elements such as current rental rates, potential market fluctuations, and administrative fees levied by the landlord or property management company. For instance, if a lease is nearing its end and the tenant wishes to remain in the property, this instrument can project the financial implications of a revised agreement versus relocating.
Understanding the financial ramifications of a prolonged tenancy is crucial for both tenants and landlords. It enables informed decision-making, allowing parties to weigh the expenses against the benefits of continued occupancy or seeking new tenants/residences. Historically, such assessments were performed manually, requiring significant time and effort. The automated approach reduces errors and improves efficiency in negotiating lease terms.
