Suggestions please—upping rent at my 4plex!

[Justine Scheuher]

I bought a 4 plex end of last year with one unit Vacant. The renovation is almost done and I’ll be renting it out much higher than the other units. (Other tenants can’t afford).

The couple in unit 4 are due for a new lease and want to stay (I’ll be upping their rent $30 to get it closer to market) BUT they want their bathroom remodeled eventually.

I would also like to remodel that bathroom because it’s only a matter of time before the old galvanized piping starts causing problems.

It doesn’t make sense to remodel it and not up their rent to market, right? (they current pay $545, I’m upping it to $575, market is $650-700).

Should I just least them for 6 months and then do the renovations after they move out?

Or just tell them after renovations, the rent will increase?

*It doesn’t feel right to not renew their lease with everything going on.

Other options? Thoughts? Suggestions?

[John Underwood]

Ask if you remodel bathroom would they be willing to pay market rent?

If they say no, I would put off remodel and just do a modest rent increase each year.