Month-to-Month Premium?
My SFR tenant of one year is wanting to renew and has asked what I would charge for him to go for another full year vs. month-to-month. I have read one post on the premium people charge for M2M (that post suggested 8%). Does anyone else have a rule of thumb for a good tenant to stay on?
Also, I usually keep rents level for 2-3 years (I don't want to pay for the turnover). In this case the house has required more maintenance than I had originally anticipated. I think the market would bear a 2-3% increase on the original rent (about $50). Any reason not to ask for this premium as part of the renewal?