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[quote=Anonymous][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 [b]$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 [/b]- the property was only on the market for about a week.[/quote]

So there we have it.  You raised your rent more than $500 in 2022 for no reason other than "inflation" and got lucky with your last tenant that was likely desperate for housing.  You keep replying to people's posts saying it's not overpriced without providing any justification (like exactly what amenities you're offering).  Die on this hill and enjoy your lost income.[/quote]

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