How much to increase rent on lease renewal
So I have tenants in my property that are complete PITA's. They pay on time but they nit pick and complain about absolutely everything! I have a PM. They are currently on a year lease which expires in June 2019. I would rather let the property sit vacant.
It used to be my primary residence and it is was built in 2001 (I am the original owner) and it has an inground pool, outdoor built in grill, shed, huge deck, etc. house is over 3500 sq ft. Rent is $2400 mo (negotiated down from $2600).
I do not plan on renewing their lease when the time comes, so if they indicate they want to renew I plan on making the rent so high that they won't want to renew. I can handle not having a tenant rather than deal with the nonsense.
They moved in in April and since then I have:
Paid for pool opening $700
Replaced a side garage entry door $400
Replaced an electrical outlet on the outdoor kitchen $150
Replaced a sink sprayer $150
Plumber out to fix clogged sink $160
Closet shelf repaired $75
They complained that the pool sand filter was bad (it's virtually new) pool guy is sick of them they don't know what they are doing with the pool. He basically comes out for free because of my years of doing business with him.
Couldn't figure out how to work the light timer for the deck lights (had them purchase bulbs and replace them) smh
Supposedly there was a leak in the bathroom coming in from the roof, (no problem the roof was original, it was due) new roof $7400
A/C upstairs (dual zone) went out, repaired at $875
PM called me to say that the tenants sais the oven takes 45 minute to heat to 450 degrees and the convection feature hasn't worked since they moved in. This is absolutely BS because I am a cook and I used the stove religiously and it is only 4 years old! So pissed.
At this point I have relayed to my PM that I want to let them out of their lease. If that doesn't work and I have to wait until their lease is done, I plan on raising the rent significantly enough for them to not want to stay.
(sorry for the long post) venting a little
Was trying to post pics but they keep coming in upside down...