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]

I think a lot of posters may have breezed by the fact that [b]new[/b] townhouses rent out for 30% more than yours (which is obviously not new). So absolute best case you could be collecting 30% more but more likely less than that, give your property won’t be as shiny as the others.

Given that, I’d keep the tenant and not mess with any increase. Consistent and low-hassle income definitely wins out over gambling on a new tenant and perhaps a few months without rent, in my opinion.

If you do want to raise, give them a lot of notice. Your contract may not require you to do so, but it’s the decent thing to do for a solid tenant, and it gives them time to either plan or negotiate with you—at which point you can decide what is really important to you. [/quote]

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