Raising Rent On Long TIme, Trouble Free Tenant

[Arnie Guida]

In our 4 family, the tenant in #2 has been with us almost 4 years. Never a peep, always pays on time with a smile, pleasant, never asks for anything, no noise complaints, no plugged drains, plugged toilets, addresses me as "Sir"...a dream tenant.

We've recently had some vacancies and bumped up the rents to be more in tune with current times. Even with the higher rent, the response was very, very strong.

I'm reluctant to increase his rent to be equal to the new tenants, but sometimes feel foolish "giving" him $40 a month.

There is a cost involved with tenants moving, obviously, along with the possibility of being vacant for a few months...but with the response to our recent vacancies, even with the higher rent, I'm sure we'd rent it in a heartbeat.

Maybe I should look at the big picture, relax and not try and squeeze the last penny out of the building. It's paid for, and pretty much trouble free.

I'll never forget what my Father, God rest his soul, used to say. "People tell me to charge more rent, but my building is always full. It takes a long time to make up an empty month even at a higher rent."

Leave this guy's rent alone, it's not worth the 40 bucks, right?