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Real Estate
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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] Don't increase 30% all at once if you have a good tenant. Increase 10% every year for the next three year, and let them now that this is your plan, that way renter knows whats coming up and can adjust their situation to upcoming expense changes. By end of year 3 rent has probably gone up even further and you're below-market rent will still make it attractive for renter to stay put.[/quote]
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