Rent increases

2 Replies

Im in the process of getting my first duplex as an owner occupier. I just got my appraisal report and it said suggested rent for the two units is about $650 and $675 per month. I will be inhering one tenant thats been living there for five years now and has been paying $500 per month ever sense. The duplex is a 1600 sq ft. Sells price is $97,000 It appraised for $98,000. Long story short. How should I go about increasing the rent to market value without upsetting the tenant? Thanks for reading and answering this important question.

don't worry about the tenants feelings to an extent. If you raise the rent $175/month is it worth it?

If a make ready and new tenant acquisition will cost you less than $2100 then send them a lease renewal and raise the rent. If they move its ok. Your new tenant will make up the difference. 

Originally posted by @Austin Entrop :

don't worry about the tenants feelings to an extent. If you raise the rent $175/month is it worth it?

If a make ready and new tenant acquisition will cost you less than $2100 then send them a lease renewal and raise the rent. If they move its ok. Your new tenant will make up the difference. 

 Thanks very much. I will look in to doing that.

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