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Personally I'd only reno *between* tenants. I'm likely to rent out my current house late this year or early next, it could use a new bathroom at some point (existing bathroom is functional but ugly and cramped), no way we'd do that with someone in the house. In my little situation, the...

Better than the last place I was renting when the landlord wanted to reno. The kitchen in that house was awful and the bathroom was perfectly functional. He wanted to re-do the bathroom, no compensation, just "you won't be able to use the bathroom for X weeks, and then the rent goes up...