I have posted about things prior re: this house
It's a 2 story house with self contained downstairs and upstairs
We have lives upstairs for over 4-5 years and rented out downstairs for the same time to 3 lots of tenants
Current tenants have been there approx 2 years and we get along with them really well.
We bought a ppor elsewhere and moved out a few months ago and rented out upstairs straight away, the new tenant ended up moving out Afew weeks later due to noise etc (that's a prior post)
So we had to decide to either rent out upstairs again (not worth the trouble as probably noise issues and don't want to spend money sound proofing when doesn't guarantee it will resolve the issue) or rent house as a whole.
So we gave downstairs tenants 8 weeks notice, they had been looking over the last 6months or so anyway just nothing had come up.
It's now onto week 5 and she just texted me saying she's so worried as they have a limit they can afford and not much comes up that is dog friendly and anything they apply for has many applicants (eg over 15) she had one accepted but declined it as decided it was too old but had applied to see if she would be approved. She offered to pay more rent to us while they continue searching
As far as I see options are
1. Increase rent to their max (what they are currently searching for) $360 current to their $420 max
2. Leave rent as is but only extend for 4weeks then they must leave
3.tell them they have to leave
I'm leaning on option 1. If tenanted as a whole house which we are looking to do we will get around $600 so we will still be loosing $180ish per week plus we don't charge downstairs electricity or water which new
Tenants will be charged when renting whole house
We don't have new tenants or even advertised yet as was waiting until we had more of an idea as to when downstairs would move
What do you think is fair and smart. If we go with option one and increase rent for a selected period of time what happens if they still haven't found something
This makes at hard to advertise too for new tenants
It's a 2 story house with self contained downstairs and upstairs
We have lives upstairs for over 4-5 years and rented out downstairs for the same time to 3 lots of tenants
Current tenants have been there approx 2 years and we get along with them really well.
We bought a ppor elsewhere and moved out a few months ago and rented out upstairs straight away, the new tenant ended up moving out Afew weeks later due to noise etc (that's a prior post)
So we had to decide to either rent out upstairs again (not worth the trouble as probably noise issues and don't want to spend money sound proofing when doesn't guarantee it will resolve the issue) or rent house as a whole.
So we gave downstairs tenants 8 weeks notice, they had been looking over the last 6months or so anyway just nothing had come up.
It's now onto week 5 and she just texted me saying she's so worried as they have a limit they can afford and not much comes up that is dog friendly and anything they apply for has many applicants (eg over 15) she had one accepted but declined it as decided it was too old but had applied to see if she would be approved. She offered to pay more rent to us while they continue searching
As far as I see options are
1. Increase rent to their max (what they are currently searching for) $360 current to their $420 max
2. Leave rent as is but only extend for 4weeks then they must leave
3.tell them they have to leave
I'm leaning on option 1. If tenanted as a whole house which we are looking to do we will get around $600 so we will still be loosing $180ish per week plus we don't charge downstairs electricity or water which new
Tenants will be charged when renting whole house
We don't have new tenants or even advertised yet as was waiting until we had more of an idea as to when downstairs would move
What do you think is fair and smart. If we go with option one and increase rent for a selected period of time what happens if they still haven't found something
This makes at hard to advertise too for new tenants