The lease will expire soon. My tenant has been faithful in paying rent for 2 years. He wants to extend the lease for 6 months, then I will try to sell the condo. My expenses have increased. Should I keep rent the same or raise by 5%?
2007-02-05 23:25:09 · 3 answers · asked by Gary G 1 in Business & Finance ➔ Renting & Real Estate
It depends on if you think that your tenant could pay more. If it's a poor student give 'em a break... I'm sure you've got loads of money!
2007-02-05 23:31:22 · answer #1 · answered by Sam G 4 · 0⤊ 0⤋
I think since he has been a GOOD tenant for 2 years paying his rent on time and whatnot and since you are going to put it on the market when he moves then keep it as it is. DO NOT raise the rent. Now should you decide to keep the place then Raise the rent before the next tenant moves in or before the present tenant renews the lease. (IF he stays)
2007-02-06 03:21:26 · answer #2 · answered by GRUMPY 7 · 0⤊ 0⤋
Will you want to have open houses to show prospective buyers through towards the end of the lease? Use that to bargain with. Perhaps he would be happy to make some concessions for you (let you show people through while he's still in there, let you take photos of his furnishings and decorations to use for advertising) in exchange for his rent to stay the same.
2007-02-05 23:30:19 · answer #3 · answered by Keztacular 3 · 0⤊ 0⤋