What are the pro and cons to renting unit's at different prices?

Question

What are the pro and cons to renting unit's at different prices? I have good tenants that have been there for two plus years. Now that I'm moving out of my duplex, I will be renting my side for $150 more then there's. All advice and opions welcome.

Abasi Wint · Answer

Thanks gentlemen for the advice.

Joe Bertolino · Answer

Tell the existing tenant that you are renting out your side for "the current market rate" and that you are going to continue renting to them "under market" as they have been good tenants but if you catch a bunch of flack from the new tenant because they tell them how much they are paying... they will be looking at an increase on the next lease, or in 30 days if they are on a month to month. That gives them some incentive not to share information that could cause you some headaches.

JD Martin · Answer

Well, obviously more rent is a plus. Making your good tenants feel good that they pay less is a plus. Renting your place for more will make your new tenants bitter unless your side offers a lot more for the money. It is inevitable the tenants will talk and find out the difference in rent.

​What are the pro and cons to renting unit's at different prices?

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What are the pro and cons to renting unit's at different prices?