We only require new leases if something internal to the lease has been updated. So- if we bump space rent- we will do that with a general notice, that pursuant to “x” in the lease we are bumping space rent… then we will follow that up with new leases.
We do both because some people just flat refuse to sign a new lease.
We do not use the rent credit program, we are a straight lease- then you have an option to buy or continue the lease operation. Because that lease has a term to it- 2, 3 or however many years, we do not get it resigned. It runs for its term, then it converts and we let it ride. The pricing is set in the lease, so we do not bother it. Now, of someone is just on a straight rent or lease- no option- we would update that paperwork as things change.
One thing we do not typically do is remove people from leases. Pretty common, someone will start as a couple, then one moves out and they want a new lease. We would them look at qualifying that one person. If a home sale of any type is involved, I would request something in writing by both parties.