How to Rase Rent on a Good Commercial Tenant?
I had an eviction 2 in a commercial space ($900/mo) followed by about 6 months of vacancy. That really hurt, and I was desperate to get a new tenant in, so I rented to them on a 1 year deal for $600/mo while they tried to start up a new business in the space. It probably wasn't my best decision, but this is my first property. The new tenant has been great, and I'd love to have their new business thrive, but I can't help but feel that $300 missing every month. He took me up on the $600 rent immediately and even offered to pay our shared trash bill, so I think he knows he's renting under market. What do you suggest for trying to renew him at a higher rate for next year?