All Forum Posts by: Karl Dugal

Just read over this port and am considering the same approach. Did it work out?

Thanks for the information Samantha and Chris

Hi guys just wanted to say thank you for your responses. I was able to raise the rent $190 on a 2 year lease with current tenants. Again, appreciate your input Karl

thanks for tour reaponses.

As I said, inherited the tenants with existing lease in place. In the futire I will bump it in small increments of course. Current rent for similar apartments are $2100-$2200 US. They pay $1760

My idea was to offer apartment for $1960, but $1900 if they sign 2 year lease.

Thank

Hello all! My name is Karl and I have been a landlord for 7 years. Up until now I have never raised rent on existing tenants, waiting until they move before increasing price . My wife and I bought a 2 family home this past summer (July 2016). We inherited tenants in 1 of the units and agreed to honor their lease (at considerably below market rent). The lease is up in 3 months and tenants already emailed to express their desire to stay for another 2 years at the current rent. While they have been ideal tenants, I absolutely need to raise rent- as I said, it is currently well below market value. My question is: what is the best way to raise rent to near market value without losing tenants? Right now I was thinking of raising it $120-$170/month for 24 month term. Thanks for your help and look forward to reading replies Karl