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Answers (8)
- Anthony Frisone, "ajfrisone"
- Contributions:355
Up with the cost of living.
- Tom Mack, "Tom Mack eXp Realty"
- Contributions:79
Great decision, that is what I would do.
- TCassis
- Contributions:86
Thank you all for your great advice! I decided to take a little bit of everyones aadvice. I checked competition, looked at going rental rates in the area, considered my time in turn over, and decided to lower rent some. The tennant remains unsaatisfied with the amount i lowered it to... I would like to maintain him and be fair to both of us, on the other hand I wouldnt want to lose the deal for another 100 dollar discount... If he doesnt accept my bottom amount, then I will just look for another tennant. I have already posted the house for rent again as suggested..and phones have started to ring! there seems to be only a few homes for rent at Weston Hills Country Club at this time so I think i may have luck finding another tennant if he doesnt respond soon... Thank you all once again!
- Edyta Gryc, "SE Florida broker"
- Contributions:304
Usually there are costs involved with every moving. You may need to paint the walls, clean etc. Additionaly, you have no guarantee that you will find a good tenant right away, so maybe it is worth to negotiate with him the rent but only to the level acceptable to you, otherwise let him go. I would also check how long it usually takes to secure a new tenant in the area your house is located. If it is more than 30 days, plus possible repair costs-would it be a good financial decision to let him go or rather lower his rent and let him stay.
The market (demand) dictates the rent, so upon lease renewal the rent may go up, down or remain the same.
I am sure you make a right decision! Good luck!
- Adrian Diaz-Sieckel, "emh3"
- Contributions:11
If you have a real estate agent or access to local market data, ie: your local realtor board postings, etc., you can validate the value of your property. There are two main things to consider when dealing with rent. One you addressed which was price. The other is inventory which also will affect price. If you know there is a lot of inventory in your market or if there are a lot of properties available at or near your price that could mean that the actual final agreed to rent in those cases is going to be a little less. Real estate being as local in nature as it is means you will have to dig a little deeper into your local market data.
Regarding your tenants negotiation tactics I would remind them that it is not cheap to move. Beside movers costs there is time, lost wages and other thing to consider.
Most importantly. know your local market and that will negate your tenant playing games either because they are "shopping you or the market". In the end, if they had found something better they would have already taken it since they are now a month to month tenants with no long term lease in place if I understood your original comments correctly.
Better put, since they are looking you could advise them that you will then most likely put the property on the market for rent in anticipation of their wanting to leave. One way or the other since they are hedging their postion you want to protect your investment and keep it rented without all the hassle.
Hope that was helpful.
Sincerely, Adrian
Regarding your tenants negotiation tactics I would remind them that it is not cheap to move. Beside movers costs there is time, lost wages and other thing to consider.
Most importantly. know your local market and that will negate your tenant playing games either because they are "shopping you or the market". In the end, if they had found something better they would have already taken it since they are now a month to month tenants with no long term lease in place if I understood your original comments correctly.
Better put, since they are looking you could advise them that you will then most likely put the property on the market for rent in anticipation of their wanting to leave. One way or the other since they are hedging their postion you want to protect your investment and keep it rented without all the hassle.
Hope that was helpful.
Sincerely, Adrian
- Bob Brandt, "BobBrandtRealtor"
- Contributions:1019
If it was me I would lower it a little and keep it occupied and him happy.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4701
Getting good rental data, as compared to good sales data, is hard. You can of course check homes for rent in Zillow and see what your competition would be if you had to re-rent it. If he/she is a good tenant, I would make concessions to keep them. Some rent is always better than no rent.
- wetdawgs
- Contributions:26854
I would make a decision based on market rates, as well as the costs of finding a new tenant. Don't let him strong arm you, but recognize you will lose some rent and incur costs by turning over tenants.
Usually rents go up when a lease is renewed, sometimes stay the same.
Usually rents go up when a lease is renewed, sometimes stay the same.
when renewing aa lease, do rents go up or down in genral?
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