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
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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.
Its good you didn't call Boods99 "BooBs99"
because he would have been vey upset
I was instructed by my PM that now that the tenants have been living in the property for just on a year and with the increase in cost of living and interest rates that it would be a good idea to increase then rent.
The current rent is $370/wk and the agent suggested that I increase it by $15/wk to $385/wk.
The tenants informed her that they cannot afford to pay the extra increase.
The PM suggested that we could negotiate a lower increase but the tenants replied that they could not afford any increase and would give notice if there was any increase.
What do others suggest i do?
The PM did advise me that the current rent the tenants are paying is somewhat low and the increase would bring it up to what the average is in the area.
john
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'd suggest not increasing rent above market sentiment otherwise you will have problems securing tenants. Why would potential renters pay more to rent your place when they can pay market rents cheaper elsewhere? Its a balancing act not to price yourself out of the market.
How can $10 be considered above market rents when most homes are very different from each other.
If they leave then you have a chance to put the rent up slightly above market rates and increase your income.