Rent increase - Landlord Forum thread 360715

Rent increase by C on July 30, 2020 @12:43

I sent 3% rent increase, tenant asking whether it's negotiable, stating that under current market conditions rents are decreasing.

Rent after increase is still in line with comparables in the neighborhood so far. We are not in a rent controlled area for our kind of property.

What would be the best way to respond to that?

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Re: Rent increase by Garry on July 31, 2020 @19:39	[ Reply ]

Simply ask your tenant what they would propose. You're probably both right about the market conditions. But if you raise the rent, are you prepared for the T to move, leaving you needing to find another T ? In these COVID-19 times, negotiations are the way to go.

Re: Rent increase by Robert on August 2, 2020 @15:04	[ Reply ]

Do your own research on rent rates before just accepting what T says. Use zillow or any other rental site to explore what similar age, sq ft, etc rent for in your area. That said, if tenant is good work with them.