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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here.  I'm not interested in debating why condos *shouldn't* cost $4K per month, and as I stated earlier, I don't want to provide lots of details that could potentially identify me - I'll just say it's a unit with a high-end renovation in an excellent location.

The main point is that I have been receiving these "too high" rents for years, and now all of a sudden, I'm not.  Perhaps the high end of the market is falling.  Just trying to get perspectives from other landlords in the area - any thoughts?[/quote]

Did you start off charging $4K per month? Or did you get there after a series of rent hikes? If the latter, then your prior tenant may have just paid it to avoid moving even though it was higher than the market rate. [/quote]

Most recent tenant began in 2022 at $3,900 and renewed in 2023 at $3,975.  I only do small, inflation-type adjustments while a tenant is with me. Bigger increases, if needed, come between tenants.  As mentioned, prior tenant in 2019 was at $3,200 (and then $3,280 in 2020 and $3,360 in 2021).  The new lease in 2022 came on the heels of the massive bout of inflation, and tenant did not bat an eye at the $3,900 price tag - the property was only on the market for about a week.[/quote]

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