Investor · Dallas, TX · Member since 2015 · 446 posts · 197 votes
What have you been/are you planning on doing with lease renewals? Are you renewing at current rates? Going month to month at current rates? Increasing? All my current leases expire end of this month through September and I am considering what to do. So far I’ve been fortunate with only one tenant making payments, and some even paying early. These are B- located properties. Thanks.
Rental Property Investor · Seattle, WA · Member since 2013 · 2k+ posts · 1k+ votes
6y
Agree, leave rent flat. Between now and September is too soon to know how things are going to shake out. We currently rent and our renewal came back flat even though it was up significantly two months ago for others. We can't currently view other luxury towers, all big PM's are not showing properties here, so we did not have are glad to not have a big decision to make. Some fundamental assumptions on where to live are on the brink, it is a good time to show compassion, and there is no reason to give the perception of landlords trying to screw tenants.
Investor · Jersey City, NJ · Member since 2016 · 39 posts · 10 votes
6y
I agree with the above responses, but I also think you should know your tenants well enough and what their financial situation might be. I just renewed a lease for two years on tenants that I've had for two years and told them I was raising the rent an additional $50 per month (well below 3% increase) and gave them the floor to object. They agreed to it and felt it was very fair, especially for another two-year lease agreement.
Personally, I feel it's a case by case decision to make.
Investor · Dallas, TX · Member since 2015 · 446 posts · 197 votes
6y
Thanks for all replies. That was my inclination but curious what others were doing. And the initial post was intended to mean only one tenant is on a payment plan, the rest are all paying early or on time.