Its good you didn't call Boods99 "BooBs99"LMAO!!!!
duCKster, I most sincerely apologise. I blame it on having three tween-aged boys in my home. Sorry. That definitely wasn't intentional.
because he would have been vey upset
Tenants dont wish to pay rent increase!
- Thread starter JCM
- Start date
because he would have been vey upset
I haven't read all this thread yet but from your first post I would suggest to put the rent up anyway and if they leave then put the rent up even more for the new lease, maybe up another $10 + the $15. That way it's a winning situation for you. If they leave then you have a chance to put the rent up slightly above market rates and increase your income. Obviously if it is in an area that is not easy to find tenants then you might want to rethink this.
How can $10 be considered above market rents when most homes are very different from each other. If you have two similar properties and one rents for $340 and they other for $350, do you think this is going to be a major issue for the prospective tenants? Maybe it will be only one of many things they consider. I think at the price range they would be more interested in what the home offers them in features. If it was around $200 per week then $10 more might be more of an issue! You have to look at the whole picture! If the OP loses the tenants from increasing the rent then I'm offering a way to consider coming out a winner.
I didnt say it was.
What I was responding to was what you posted below...merely a word of caution with increasing rents above market rates.
I had trouble with my ex tenant too go back to Sept last year. My late partner done everything for me of that investment property for the last 5 years, which we manage our property without an agent, that would save us a lot of money of agent fee, coz our IP is top end property. All along i know my late partner increase 25 dollar each year but my tenant know that my partner pass away and try to bully me, there is a lot of maintenance that he said he had done on my IP which he said will deduct out of the rent money which he did several time. I request the receipt all the time, but he always not at home or try to avoid me. Then i increase his rent, and he come back with the email that full of other rental property in the market around my area that rent is less that my IP. But i drive around to the property that he show to me, and all the property are **** and not as big property that i have. Then i went to an agent and ask for advice and she make me have her (Sinclar White) to manage my property (may be i am too quiet person and always say yeah). She said it should be 105 dollar more increase, which i think may be she can fix this tenant up and i still get more rent with an agent manage. But when my agent increase the rent up to 105 dollar more, he went to the Tribunal and make a complain. And of course he have to deal with my agent not me any more, but he still email me without my agent knowledge and said to me that he agreed with 25 increase but not your agent manage it, then my agent come back with me saying that the tribunal said is not right in law to increase 105 dollar in one shot and should increase 35 dollar every year from now until it level to the market price. I feel like i got conned by the agent into this situation and i also got stuck, at the end the agent increase 35 dollar and the tenant shut up, but still i would prefer my self to run it which i calculate that i would lose a bit of the rent.
The situation get worst when my tenant decide to move out in May this year after 6 month increase of rent and the agent said we can pump the rent up back to the original increase value that was 105 dollar more for the new tenant, but i was thinking is not a big market for people to rent top end property here in this suburb. There is so many apartment in my suburb and south Yarra, Port Melbourne is around the conner which tenant can get cheaper rent there compare to my IP located. And my boyfriend renovate the property after my tenant move out and i **** the agent off and i get Hocking Stuart to manage my property for sale. And then i got into legal battle which is a right timing for me to sell it any way to fund the legal fee. But i will plan to get a IP in 2012 without mortgage, but not high end property which i reckon is much easier to find tenant, and i don't have so much hassle. So in my opinion we need to get tougher as landlord when dealing with tenant. I am much tougher now since my partner pass away.
The situation get worst when my tenant decide to move out in May this year after 6 month increase of rent and the agent said we can pump the rent up back to the original increase value that was 105 dollar more for the new tenant, but i was thinking is not a big market for people to rent top end property here in this suburb. There is so many apartment in my suburb and south Yarra, Port Melbourne is around the conner which tenant can get cheaper rent there compare to my IP located. And my boyfriend renovate the property after my tenant move out and i **** the agent off and i get Hocking Stuart to manage my property for sale. And then i got into legal battle which is a right timing for me to sell it any way to fund the legal fee. But i will plan to get a IP in 2012 without mortgage, but not high end property which i reckon is much easier to find tenant, and i don't have so much hassle. So in my opinion we need to get tougher as landlord when dealing with tenant. I am much tougher now since my partner pass away.
Sorry Pretty, but when you format like that, peeps are going to struggle to read it. Break it up more.
Back on OP...
Pretty easy to see if you need to put rent up. Look on RE websites to see what is on offer. If you are overwhelmed by cheap places, tenants win.
Anything less than that, put up the prices.
They arent going to move in spite of you. They are going to eventually reason they might as well stay with what they know.
Back on OP...
Pretty easy to see if you need to put rent up. Look on RE websites to see what is on offer. If you are overwhelmed by cheap places, tenants win.
Anything less than that, put up the prices.
They arent going to move in spite of you. They are going to eventually reason they might as well stay with what they know.
