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General Landlording & Rental Properties

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Harris L.
  • Investor
  • Bay Area, CA
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47
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How to best catch up on rent?

Harris L.
  • Investor
  • Bay Area, CA
Posted Jul 27 2015, 23:24
I have a 3/2 condo that I'm renting out for $1460, the current zillow estimate to rent the property is at $1880. Other comparable rents in the area by looking at craigslist is beyond $2k some of the 2/2 is at $2k level two this is in the SF Bay Area in concord, ca near the Bart station. The past 3 years i have the same tenant and I only raised my rent by $70 I know I should have raised more. I guess I'm too nice. I'm thinking what is the best approach to catch up on my rental rates. Does this look outrageous? If I give the tenant these 4 options? 1. 12% increase if the tenant stays on month to month 2. 11% increase if the tenant stays on a 6 month lease 3. 8% increase if the tenant signs a 1 year lease 4. 30 days notice to vacate? I read this style from one of the forum threads. I have an agent that looks for tenant for me for 5% commission on new leases on total lease amount, renewals like this he doesn't get anything I manage the property myself.

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