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Answers (2)
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Contact your local realtor and ask them what the rules are for your area. Or your local government to make sure you don't raise it above the amount allowed by law. A good tenant is gold, don't raise it so much that they move.
- David Maio Williams, "DMaio114"
- Contributions:2
Rental increases are typically based on cost of living standards.
In this market we've seen a lot of rental units occupy quickly, however with home prices falling and the opportunity for financing at a low interst rate, that may begin to change.
Since this tenant has been with you for two years, she has established a behavior. Does she pay on time? Does she maintain the unit? Is she a "silent" tenant who addresses small issues herself? If you've answered yes to these questions, it may be in your best interest to just be thankful that you have such good fortune!
If you've improved the property or done something otherwise to warrant the higher rent, then so be it.
If she insists on short term agreements, then absolutely increase the price, but if you're guaranteed another 6-12 months, then just leave it alone.
In this market we've seen a lot of rental units occupy quickly, however with home prices falling and the opportunity for financing at a low interst rate, that may begin to change.
Since this tenant has been with you for two years, she has established a behavior. Does she pay on time? Does she maintain the unit? Is she a "silent" tenant who addresses small issues herself? If you've answered yes to these questions, it may be in your best interest to just be thankful that you have such good fortune!
If you've improved the property or done something otherwise to warrant the higher rent, then so be it.
If she insists on short term agreements, then absolutely increase the price, but if you're guaranteed another 6-12 months, then just leave it alone.
what is the yearly rental increase for chester county pa
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