Non Renewal Lease, or Raise Rent
Hi All -
Looking for some advice. I recently closed on a 3 family in CT and am house hacking it. I inherited tenants on the 1st, and 3rd floor.
My third floor tenant is great, with no issues. My first floor tenant has 4 people living in a 2BR 1B for 7 years paying $825 which is under market by about $125 and they are month to month.
My original plan was to raise rent on the first floor to $950. However, after living here for a little while, I am wondering if I should just non renew their lease.
Pros of first floor tenant: Pays on time, not needy, clean
Cons of first floor tenant: LOUD, always yelling, kid has tantrums probably 2x a week where it sounds like world war 3, slams doors etc.I have already spoken to my tenant about being mindful of the slamming/yelling but to no avail.
Given the situation, what do you think would be my best option? I plan to live here for the next 2 years or so. My fear is that even by raising her rent if she decides to stay it does not solve the underlying issue. Of course, there will be cost/vacancy to get the unit ready for the next tenant as well.
Most Popular Reply
@Rachael Agruso, give notice to the 1st floor tenants. If they're bothering you, they're bothering FL 3 and you're at risk of losing them, too.
Do a light refresh on FL 1 and list at market rate. Screen those potential tenants!