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Old 07-12-2011, 05:48 PM
 
Location: southwest TN
6,589 posts, read 6,886,850 times
Reputation: 10595
So, you're looking to make up $30 per month from the rental - but you have a tenant who pays on time, doesn't hassle you, seems to be a good neighbor from what you've said. You could raise his rent, but he might move. The cost of upgrading/painting/etc. the apt will cost you possibly more than the $360 you will get from him over the year - consider that you will lose at least 1 month while painting and cleaning the apt after he moves. And then what will you get? Someone who has friends over most weekends? loud music you have to constantly ask to be turned down? a visitor with a bouncing tricked out car with stereos so loud, we can hear them in NY? A tenant who loses a job and winds up stiffing you for the rent.

If you're in the red, look to other ways you can cut out $30 per month. Coupon, look at water conservation, electricity usage, drive less.

So you asked, that's my 3c (inflation yanno, I was running in the red).
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Old 07-12-2011, 06:16 PM
 
Location: Clermont Fl
1,399 posts, read 1,843,433 times
Reputation: 847
Raise the rent if the market alows it he is your tenant why would u pay part of his bills by lossing money. It will cost him more for deposits to move out he will stay.

Quote:
Originally Posted by Mt-7 View Post
Raising rent is a business decision not a moral choice. If you are not meeting your obligation then rent must be increased. Just follow through with all the terms of your lease. Maybe you would be interested in a longer lease so he might feel more security rather than a month to month?
The only other post here that makes sense

Quote:
Originally Posted by CarlitosBala View Post
Yeah, $30 seems like chump change for the risk to lose a great tenant.

You could make that much panhandling for a couple of hours in a busy intersection just one day per month.

If you do raise it, blame it on property taxes. Make sure your tenants knows you are not nickle-&-dimeing him. Make sure they understand the extra money goes to the city and not in your pocket.
Then let him go panhandle

There is no need to explain it is none of his business why your want an extra 30 dollars. When he goes and look for a new place he will no he is getting a fare deal.

Quote:
Originally Posted by NY Annie View Post
So, you're looking to make up $30 per month from the rental - but you have a tenant who pays on time, doesn't hassle you, seems to be a good neighbor from what you've said. You could raise his rent, but he might move. The cost of upgrading/painting/etc. the apt will cost you possibly more than the $360 you will get from him over the year - consider that you will lose at least 1 month while painting and cleaning the apt after he moves. And then what will you get? Someone who has friends over most weekends? loud music you have to constantly ask to be turned down? a visitor with a bouncing tricked out car with stereos so loud, we can hear them in NY? A tenant who loses a job and winds up stiffing you for the rent.

If you're in the red, look to other ways you can cut out $30 per month. Coupon, look at water conservation, electricity usage, drive less.

So you asked, that's my 3c (inflation yanno, I was running in the red).
Why should she look for a way to cut 30 dollars he is the one that needs to find it by cutting

Last edited by Marka; 07-13-2011 at 04:23 AM..
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Old 07-12-2011, 08:12 PM
 
2 posts, read 3,445 times
Reputation: 10
Thanks for all your replies and input. He has filled out paperwork (5 years ago) for Sec 8 housing but it's at least an 8 year waiting list in San Diego. I have no interest in being a Sec 8 landlord.

I don't want to beggar him, but he is paying the lowest rent in the area based on rent prices posted in the local newspaper and "The Reader" newspaper. He does pay for all utilities.

I think offering a longer lease instead of a month to month, along with an increase of $30 rent, might be the way to go as was suggested by Mt-7.
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Old 07-12-2011, 08:29 PM
 
72 posts, read 47,442 times
Reputation: 122
Quote:
Originally Posted by STT Resident View Post
$30 would probably be a major chunk for him, though. Maybe you could have a chat with him and explain that the bad economy and increased costs are hurting you and explaining that although you're reluctant to raise his rent, could he afford a little more? I would think this is the best route to go and maybe you can reach a compromise. Good luck!

Exactly. Just let him know the situation and see if he can swing it.
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Old 07-13-2011, 04:02 AM
 
Location: Southern California
3,116 posts, read 3,796,788 times
Reputation: 3488
Quote:
Originally Posted by SaucyTomato View Post
he is paying the lowest rent in the area based on rent prices posted in the local newspaper and "The Reader" newspaper.
Just for future reference, you might want to add craiglist to your list to check when doing research. I remember back when The Reader was the only place to go for rentals in San Diego - but now craigslist gets more action.
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Old 07-13-2011, 07:57 AM
 
1,206 posts, read 1,329,773 times
Reputation: 1105
does he qualify for any disability based rent increase protection. I know nyc has something for disabled to prevent rent increases from hurting them.

Disability Rent Increase Exemption (DRIE) Program

I think its time to raise rent, but you should talk to him to see if hes willing to deal with it (its a still a good deal for him prob) or if hes gonna move. 3 years and no rent raise? come on.

Note: in the link i posted i realized it only applies for very specific types of housing. But maybe its still worth a quick investigation.
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Old 07-13-2011, 10:25 AM
 
Location: Kansas City North
2,093 posts, read 2,639,596 times
Reputation: 1756
Quote:
Originally Posted by SaucyTomato View Post
Thanks for all your replies and input. He has filled out paperwork (5 years ago) for Sec 8 housing but it's at least an 8 year waiting list in San Diego. I have no interest in being a Sec 8 landlord.
Just curious, if the tenant did get approved for Section 8, could the OP get their unit "enrolled" (or whatever the proper term is) in Section 8, and then "drop out" of the program if this tenant ever decided to move?
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Old 07-13-2011, 10:34 AM
 
Location: Providence, RI
3,892 posts, read 5,042,759 times
Reputation: 2831
Would it be possible he could do some work for you in lieu of a monetary rent increase? You mentioned he can walk? Could he mow or water the lawn, vacuum or clean for you (wash windows?), take out household garbage, etc.?

Could he help you in your business somehow?

If he, being disabled, doesn't have a lot to occupy himself himself, he might welcome something useful to do.
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Old 07-17-2011, 10:30 PM
 
719 posts, read 781,536 times
Reputation: 579
I don't see anything wrong with raising his rent. Utility costs go up, property taxes go up and the cost of gasoline and fuel go up. No matter how nice the guy is, you rent the apartment out as a business venture and with each passing year of costs going up, you are losing money by charging the same rent. Since he is a good tenant, I agree with others that you might consider offering him a long term lease, 1-3 years, with the new rent rate locked in. Good luck!
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Old 07-18-2011, 08:36 AM
 
Location: Brooklyn, New York
1,193 posts, read 819,568 times
Reputation: 1708
Raise the rent if you have to its business not personal.
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