Raising Rent Because More Tenants Moving In
Hello BP! So I currently have one tenant in the downstairs of my duplex. She is a sophomore college student. Since it is summer she isn't home much, but when class starts back up in the fall, she is going to be moving in 3 more students with her. It is a 3 bedroom, 2 bathroom unit that is 1200 SQ ft, so space is not an issue. I told her that once her lease was up in September, we would be signing a new lease at a higher rent because of the additional tenants. The rent will raise from $750 to $800. My question to the community is, should I charge more for the rent because it's 3 more tenants? I am wondering if I could get more money out of the rental, or if I should keep it VERY competitive like it is now, and not risk a vacancy.
Thanks!
Dalton Dellinger