All Forum Posts by: Nicole Murray

hi Jeff - We have 1 SF rental in St Paul. 3bd/1ba/1car. We self-manage, are hands on and have consistent communication, great relationship with tenant. We just renewed lease 4th year, and currently are under current market rent by $200-$300, however our cash flow is strong and we love our renter so we would rather only raise rents every 2yrs until he moves on. With this property 2019/2020 same rental rate pre-RC, increased $100 after 2yrs (had a conversation with tenant about tax/insurance increases), held and just increased 3% with lease renewal this year. When we re-lease this property we will make some improvements and raise to full market rents if we are still in a higher priced rental market. 

We are also looking for another LTR either SF or MF in specific areas of St Paul and will purchase if the numbers work -- not stressed about rent control @3%. In general the way we roll is if our tenants are solid and plan to stay for 2+ years we would rather start at fair-to-high market rents and only increase every few years anyway to hold that quality tenant and have less turnover.