Bought 1st rental property last year. Tenant has been in it for almost a year now. Took a loss of $630 for this year. Any landlords out there? Thanks!
2006-11-13 18:45:42 · 6 answers · asked by marincaligirl 3 in Business & Finance ➔ Renting & Real Estate
Adjust it for the rental conditions in your area. Don't look at the percentages.If you can easily get x dollars a month, then increase it to x dollars. Remember, this is a business.
Regards
2006-11-14 03:16:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you are under a contract with the tenant you really should keep rent the same, but i would think if there paying 750 a month that an 8% raise to cover your expenses is not over exuberant
2006-11-14 02:50:34 · answer #2 · answered by jawtar 2 · 0⤊ 0⤋
There is no set %. If you are grossly undermarket ie. market rent is $1500 your rent is $900 then you have to start getting a little closer to market rent. If market rent is $1500 and your rent is $1200 then you should raise it enough to where you will not loose a quality tenant.
2006-11-15 01:30:23 · answer #3 · answered by tianaramal 4 · 0⤊ 0⤋
3-5%
How do the other rental properties in the area compare?
2006-11-14 14:03:49 · answer #4 · answered by RAR24 4 · 0⤊ 0⤋
5% or less is common. Anything more, you risk losing your tenant.
2006-11-14 03:27:37 · answer #5 · answered by FabMom 4 · 0⤊ 0⤋
Sucks for you, sucks for them.
2006-11-14 02:53:45 · answer #6 · answered by idontknow 4 · 0⤊ 0⤋