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Real Estate
Reply to "Rent increase"
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[quote=Anonymous][quote=Anonymous]we have a tenant who has rented out a townhouse for the last 6 years, he is a great tenant, pays on time, takes care of the place, and unless some big issues do not bother us. This area has gone up significantly in rent, new townhomes rent around 30% more, I am wondering if we should continue renting at the lower rent or put it back out on the market[/quote] Depends. Do you really want to find a replacement for a good tenant? We usually only raise the rent between tenants. If the cost of turning over the place/lost rent/uncertainty of new tenant is higher than the rent increase, then I suggest not doing so. If it's really, really underpriced, consider some modest increases, knowing though that he could leave. I'd probably frame it as offsetting major expenses that you have (if you do). Anyways, that's the thought of one landlord to another. If you have a great tenant, it's worth it in my opinion to keep them.[/quote]
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