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General Landlording & Rental Properties

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27
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Terry Ouimet
  • Investor
  • Colorado
11
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27
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Should I raise the rent?

Terry Ouimet
  • Investor
  • Colorado
Posted Jul 11 2022, 16:28

Thanks for your thoughts in advance..I'm deciding whether or not to raise the rent on one of my single family long term rentals, and if so how to break the bad news in this difficult time of inflation? I'm a fairly new investor, the rental market is white hot where I am  in Southwest Colorado, with very little inventory. Comps show that I could raise it $500/mo or more. I can't believe how high rent is getting, but my place is out in the country, 1.3 acres, with killer mountain views and newly renovated. The benefits of this renter are that he is single, living in my 4 bedroom house, disabled veteran so his income is secure, he takes good care of the house and keeps bugging me to buy it. I'm not in this to gouge people, but it is my business and I'm personally $1000-$1500/mo short of paying all my bills and being" financially free"

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