Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So should a landlord drop the rent because the mortgage gets paid off ? Rentals are priced on what the markets allow not on what expenses are or are not.
As areas gentrify you can see huge jumps
You can price to the market all you want, but if you want to keep good tenants that don't cause trouble and pay the rent on time, increase the rent in smaller increments. Going up $200 a month is ridiculous. I am pretty sure it is cheaper to keep a good tenant than to raise the rent a ridiculous amount and risk losing them and replacing them with nightmare tenants. Plus, the cost and time it takes to flip a unit. The house I live in sat empty for nearly six months before we rented it. The property managers wanted way too much for it. Think of all the money in lost rent they didn't get.
Sounds like you should get the memo and buy a place. Market is booming and you are tired of moving. Why not start looking? Boohooing to us about increased rent is not the best way to secure your financial future.
You can price to the market all you want, but if you want to keep good tenants that don't cause trouble and pay the rent on time, increase the rent in smaller increments. Going up $200 a month is ridiculous. I am pretty sure it is cheaper to keep a good tenant than to raise the rent a ridiculous amount and risk losing them and replacing them with nightmare tenants. Plus, the cost and time it takes to flip a unit. The house I live in sat empty for nearly six months before we rented it. The property managers wanted way too much for it. Think of all the money in lost rent they didn't get.
In a booming market a lot of people just need to hold the place for a few years. This forum overestimates the value of the proverbial good tenant. Long term tenants are not as important as getting max rate if you want in and out of a mobile market. And even. a short term like an Airbnb might be optimal.
Rent control here (Bay Area) doesn't allow for such a large increase, as in most cities it's a maximum of 8-10% annually for current leaseholders. That being said, we'd all be LUCKY to only spend 28% of our net income on rent!! I gross 90K, and still spend around 38% of my monthly net on rent; and that's for a place that's way below median for the region.
In a booming market a lot of people just need to hold the place for a few years. This forum overestimates the value of the proverbial good tenant. Long term tenants are not as important as getting max rate if you want in and out of a mobile market. And even. a short term like an Airbnb might be optimal.
I’m sure many would disagree. Rent increases over the course of 5-10 years will net you probsbly anywhere from 5-10k more spread out over that time.
A problem tenant can cause tens of thousands of dollars and damage, in addition to the cost of getting them out of the unit.
I’m sure many would disagree. Rent increases over the course of 5-10 years will net you probsbly anywhere from 5-10k more spread out over that time.
A problem tenant can cause tens of thousands of dollars and damage, in addition to the cost of getting them out of the unit.
It’s a gamble, no doubt about it
I owned property in a neighborhood in DC that was kinda scary and solidly gentrified over the 5 years I held it. I rented it only for 6mo leases and raised the rent each time. I screen but am far less stringent than I would be in other locations. I had some damage but not a lot more than I would expect elsewhere (big security deposits help to keep that at bay.) I made bank when I turned it over. Charles Manson could have lived there. It wasn't important because of the market.
Other properties are totally different. Renters think that they get points for paying rent on time and being long term. In some places the long term part hurts landlords. Its all about the market.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
