Folks,
Settling on our first IP soon...Phew..!!! & Yipee..!!!
Already tenanted with a good tenant who keeps it immaculate
Previous LL did`nt bother increasing rent since they were offloading.
So tenant has had a good discount compared with current rents.
Our PM has indicated to tenants that they are in for an increase as soon as settlement occurs..but even after proposed increase it would still be $30 less than comparable props in the area. PM advises he will send another increase in next 6 months. But even then I think it would still be way ($30) below market (hopefully rents keep increasing)
Any ideas on how can I increase the rent to current market without losing and making it bearable for tenant?
I would consider giving $10-20/week discount for keeping it immaculate. Also wish to make tenant aware that they are getting a discount for looking after the property.
Quid pro quo...sort of
Settling on our first IP soon...Phew..!!! & Yipee..!!!
Already tenanted with a good tenant who keeps it immaculate
Previous LL did`nt bother increasing rent since they were offloading.
So tenant has had a good discount compared with current rents.
Our PM has indicated to tenants that they are in for an increase as soon as settlement occurs..but even after proposed increase it would still be $30 less than comparable props in the area. PM advises he will send another increase in next 6 months. But even then I think it would still be way ($30) below market (hopefully rents keep increasing)
Any ideas on how can I increase the rent to current market without losing and making it bearable for tenant?
I would consider giving $10-20/week discount for keeping it immaculate. Also wish to make tenant aware that they are getting a discount for looking after the property.
Quid pro quo...sort of