Updated about 5 years ago on . Most recent reply
Moving a tenant to reno. (Not Reno, NV)
Is it ever beneficial to move tenants around within the building in order to rehab each unit and try to get the whole place renovated more quickly? Or better to wait and redo units as they naturally open up?
I own a 6 unit building (under a 4% rent control), 5 units of which we inherited with severely undermarket tenants (~$1100/month) with outdated interiors and failing fixtures. One of those units became vacant and we're rehabbing it to lease at market rate (~$1700/month).
Would it make fiscal sense to offer an existing tenant a discounted rate on the new unit (say, $1500/month) to free up their unit to do another rehab and get to market rate? Or better to list this one at the full rate and redo units as tenants move out?