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Re: Rent increase dilemma - Great tenants
by jannie (IL)
on April 21, 2014 @19:50
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OP did you determine that you were far below rent by looking at local paper, ads, craigslist? Or, did you go to Zillow which I have found shows rents at much higher than our local market would bear.
I would raise rent small amount $25.00. I usually do not raise the rent for current tenants unless something (insurance/taxes have gone up).
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Re: Rent increase dilemma - Great tenants
by Anon2
on April 21, 2014 @22:54
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Unlike Jannie, I have found that Zillow rent estimates are "right on" for my market in the greater Cincinnatti area, so I think it depends on where you are.
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Re: Rent increase dilemma - Great tenants
by Anonymous
on April 22, 2014 @03:13
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For my area, rent zestimates are ok - within $100 accuracy. What I checked in stead is actual rental listings with how much people are asking for similar homes in my area.
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Re: Rent increase dilemma - Great tenants
by Michael (AL)
on April 22, 2014 @08:59
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Current listings in your area may or may not be a good indicator. In my market, all realtor listed rentals on zillow are $200-$300 more than what I charge for rent. These properties I see sitting on the market for 6+ months. There is no way I would take an $8000 vacancy hit for the extra rent per month.
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Re: Rent increase dilemma - Great tenants
by MaineLL (Maine)
on April 23, 2014 @09:29
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I use craigslist for my comparison. They have interior photos so that I can get a sense of where my properties fall within the spectrum of prices. The address is nearly always included so I can also know whether I am comparing a similar area. I don't think zillow is very accurate for my area.
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