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increasing rent this year
by scott
on July 22, 2020 @20:57
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Has anyone thought about not increasing rent due to COVID
Last year I did a major rehab of the building, new roof and windows. Also gutter guards. I also need to replace a hot water heater. My tenant works. with COVID does it pay to hold off the rent increase or have you raised rents anyway?
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Re: increasing rent this year
by Garry
on July 23, 2020 @20:04
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I'm in Iowa. I have 19 SFHs. I have not raised any rents this year, nor do I plan to. I rent to lower income families, who sometimes struggle to pay rents. Even though you have done major renovations to your place, you should maybe wait to raise rents till next spring or summer.
And if your tenant is a front line worker who is risking his/her life working with COVID-19 patients, I wouldn't raise their rent for the next 2 years. Call it a "Good Will, or Thank You" gesture to those who risk their lives to save others.
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Re: increasing rent this year
by Robert
on July 24, 2020 @11:43
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I raised all my rents this year, and every year. Costs go up, our property tax soared last year. Insurance is up.
I use zillow and see what comparable properties are renting for and try to keep pace. I do discount rent to long term good tenants.
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