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and it just doesn't make any investment sense. It may allow me to increase rent by $50/month, but then it would take 17 years to recoup the investment.
By then, the windows would be all beat up, or have needed repairs, or seals would have failed, etc.
I have dual pane windows in my own house. They still suck. Cold glass on cold days.
Glass isn't a good insulator.
You can buy a replacement 60x60 window for about $200. Takes less than an hour to remove the old window and install. No paint, no drywall, no stucco, no siding repair needed. Worst thing you need to do is get a good spray foam.
Hiring anyone is always going to cost you more than doing it yourself and windows are one of the easiest DIY things to do. I get rid of all single pane windows right away, it is absolutely worth the minimal cost.
Personally, and by no means is this a judgement, I would prefer a tenant who takes care of my investment and pays their rent on time.
As long I am able to make the mortage and a sinking fund for repairs, I would be not be severe with rent increases. Sure, raise the rent, but quality long-term tenants pay off more in the long run.
Personally, and by no means is this a judgement, I would prefer a tenant who takes care of my investment and pays their rent on time.
As long I am able to make the mortage and a sinking fund for repairs, I would be not be severe with rent increases. Sure, raise the rent, but quality long-term tenants pay off more in the long run.
And this is why I miss many of my former landlords of SFH. I really appreciate those who appreciate me and my conscious attempts to be a good tenant. For the record, I have both rented and owned- it all depends on the market and my plans and our situation. In some cases, home ownership was just not a possibility at that time.
And this is why I miss many of my former landlords of SFH. I really appreciate those who appreciate me and my conscious attempts to be a good tenant. For the record, I have both rented and owned- it all depends on the market and my plans and our situation. In some cases, home ownership was just not a possibility at that time.
But a good tenant should not expect rent to stay fixed for the remainder of their tenancy, however many years that may be.
It's not like I'm price gouging. We're talking a $40 price increase they're bishing about, which is slightly less than what the inflation calculators call for.
Does the price of gas stay the same? Does cable TV costs stay the same? Electricity? Need I say more?
Tenants will always throw a hissy fit when you raise the rent. Before I ever raised the rents, as a property manager, I always checked the competition, so after they got my notice, when they checked Craigslist, they'd see that they weren't going to get a better deal if they moved. Plus, they'd then figure in the cost of moving, whether or not they had the move-in costs saved up, etc.
You need to be able to think like a renter. Would you get a better deal if you moved? Do you have move out, move in money saved up? Would you get your deposit money back?
So, they will complain and try to talk you out of it, but then they will look into all of the above. If you know what they will learn by checking all of the above, you will know what the odds are of them actually seriously considering moving out.
Odds are, you (as a landlord) will rarely lose a tenant you wanted to keep - unless your new rent amount is unreasonable based on market prices.
So, when I raised rents, and tenants freaked out and complained, I (after having done my homework per above info) would sweetly say, I completely understand if you feel you have to leave.
Crickets.
But we've lived her a jillion years!
I know, but the thing is, if you move out, the owner will actually make more money because your apartment has been rented to you for below market rents for a long time. And even though he likes you, this is a business and he needs to make a profit, since it's not a charity, etc. I mean, really, if you had a store where you sold jeans, for instance, would you never raise your prices for your customers forever, even if your costs increased each year? How would you make money?
Crickets again.
When you put it to them in these terms, they really can't argue. They will still give it a half-hearted effort, but you will see them understand and give up any real fight.
Last edited by NoMoreSnowForMe; 04-16-2019 at 02:32 AM..
No one likes paying more. So we can't be surprised when some tenants communicate it.
That said, some of these same tenants are complaining because their $600 payment for the vehicle they couldn't afford to begin with will now hurt even more. They want to play the victim when the big evil rich landlord jacks up their rent yet again. Well, their very inaccurate expectations aren't your problem. Neither are all the bad personal finance decisions they've made that are the real problem the slight increase in rent hurts them so badly. They choose to live paycheck to paycheck and max out every financing option given to them, get by on a razor's edge at best and only when things go perfectly, then you want a more than reasonable increase and they can blame their financial issues on you. Half the time I think it's just a game, they are going through the motions of trying to haggle or play the sympathy card just to see if it will work, it's worth a shot to them. The sad part is some landlords fall for it.
Don't sweat it. If this bum can't pay the increased rent, you'll find someone that can. Odds are he won't really have any issues at all.
NoMoreSnowForMe I completely understand your point and agree, with some exceptions.
The value of RE goes up over time
Clothing and utilities are consumable items and not really comparable to RE.
However, and I don't mean to sound heartless when I say this, renters rent at the landlords pleasure.
When I rented, I understood that the property was not mine and the landlord could do what they want within the confines of the lease and the law. And if I didn't like it, I could leave.
My only point was that I believe it is a good business model to keep rents lower than market to keep good tenants.
Location: Formerly Pleasanton Ca, now in Marietta Ga
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Quote:
Originally Posted by Everdeen
NoMoreSnowForMe I completely understand your point and agree, with some exceptions.
The value of RE goes up over time
Clothing and utilities are consumable items and not really comparable to RE.
However, and I don't mean to sound heartless when I say this, renters rent at the landlords pleasure.
When I rented, I understood that the property was not mine and the landlord could do what they want within the confines of the lease and the law. And if I didn't like it, I could leave.
My only point was that I believe it is a good business model to keep rents lower than market to keep good tenants.
It’s a line you have to balance. If you provide a place thAt is up to par, lower rents won’t always keep a tenant. Market rates might work just as well. Years ago I had below market rates, eventually put them at market and didn’t see any difference in vacancy rates.
But a good tenant should not expect rent to stay fixed for the remainder of their tenancy, however many years that may be.
It's not like I'm price gouging. We're talking a $40 price increase they're bishing about, which is slightly less than what the inflation calculators call for.
$40 increase is nothing. I'd happily pay that. It's the $200-300 increase that my current abode is bandying about that gets me.
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