Should I Evict or Suck it up?
Hi everyone,
I have a rental property in the Bronx, NY and my tenants have been living in there on a month to month basis since December 2021 (original lease started December 2020). I want to increase the rent but they already said there is no way they are paying more than what they are already paying. They also refuse to sign a new long term lease. They claim they are constantly looking for a new place to live in but it's been too difficult because of the current rental market.
On the positive side, they pay the current rate for rent every month and they take extremely good care of the property.
PITI is about $2200 and they are paying $2700. I estimate that I could probably get around $2900 for rent at market value.
I know evictions and vacancies can be very expensive for landlords hence why I am so hesitant but I'm looking to get other people's opinions on this. Should I go through with an eviction anyway?
I appreciate all the advise!