To renew (lease) or not to renew?

[Tim Ray]

Hey all, in December 2023, my contract with one of my rental properties and tenant in Montgomery County, MD will expire.

My options are to renew the lease w/ a 3% rent increase or give notice to my tenant and find a new tenant.

To provide context, my current tenant has been in the property for 2 years and has paid late several times and on at least two occasions had the payment bounced back for non-sufficient funds, however he has always eventually paid.

My rental property thinks I should find a new tenant which will cost me $450 to re-market and then however much it will cost me to turn the property (probably paint, patch and any wear and tear). Also, if he is moving out in December, I dn’t want the property vacant until march.. so I wanted to get you alls opinion on this matter?

Thanks for any insight!

[Russell Brazil]

Increase the rent to market rate. No reason to only raise it 3%