Renew their lease or month to month?

rental market heats up through summer and slows down from oct onwards. Keep that in mind. when looking for replacement/new tenants

svroad makes a great point. If you're planning to continue renting your condo out, it's advantageous to you to have it on the spring/summer cycle. Higher rents, more demand, etc. I've seen statistics that say that the highest demand, as well as most leases, are for apartments with Sept 1 lease start. So maybe try to arrange for that?

If they want to stay past Sept 1 though, I'd consider charging them a premium. Try and get yourself some compensation for having your apartment on the fall/winter leasing cycle.

Thanks for the comments. Surprising you said Sept msadewitz. Actually they had asked to renew until end of Aug. Likely at which point they plan on moving. So it will be a ripe time to look for new tenants. I guess I'm just not sure if I should go through the hassle of lease signing for 3 months or do no lease and take their word that they will pay their rent and leave Aug 31st??

It's really depends on your comfort level, but if their behavior has shown you that they're good, nice people, the odds are probably in your favor that they will pay. No one wants to get in a fight with their landlord, potentially lose their security deposit, etc.

If you think they're liquid enough, you could say that you're fine not to re-sign a lease but you'd need the 3 months in a lump payment sum. Get creative, find something where you both are getting what you want! If they're reasonable people, they shouldn't get offended if you tell them that you need some level of protection.

Be careful going month to month. Most likely the guarantor's obligation is limited to only the period of the original lease.
I would get the tenant and the guarantor to sign a 3 month "Extension of the Lease". You could most likely draft a simple paragraph for the tenant and a separate paragraph for the guarantor using common sense.
Historically, Sept 1 is a great weekend to find a new renter.

Thanks for the advice. I spoke with them and they are okay with resigning along with the guarantor. I couldn't find a lease extension form online that included a guarantor, so I'll just reuse my usual form and update the dates accordingly.