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You could give a gift to a tenant which is specifically for the house. That way you could claim it on tax and be nice all at once
No Gifts for tenants
Friends and Business dont mix
a small token of appreciation goes a long way!
Lizzy
My tenants gift is they dont recive a rent increase in December.
Januaray is another story though!
I am giving a rental increase next week.
I didn't want to do it in December as it only creates resentment in my opinion, and I dont want resentful tenants - simple
And for those of you bragging about giving your tenants a xmas present of a renat increase - please go and bag to all your friends and family and work colleagues - you will not be a liked person.
I try and do alll my financial planning in January and July of each year, I find it is clean and simple and arent to occupied with work etc.
Tenants have no qualm about breaking their lease at Xmas.
I had one tenant who planned on doing a midnight runner..except our supers noticed something strange going on, as they were attending a repair at another property just down the road from this property.
Another tenant who left the place a month her lease was over in December, really dirty, and they had painted two rooms, which we had to repaint.
I had another one decide to break her Fixed term lease in December.
Lots of tenants who ask to pay their rent late in january (about 6 of them)
Believe me, if I was to increase rent, or evict in December it wouldn't bother me a bit..or care if they liked me.
I am not their friend.
Generally we have our increases July 1, as we try to have most leases finish June 30 (end of school year in Canada)
A couple of years ago, a family left an apt, owing rent. We still had a cheque tht we hadn't cashed. We waited until the family allowance had gone into her bank account on 13 Dec. We cashed it..and shortly after she called screaming and crying how we stole her Xmas present money for their kids. No..we took our rent money.I hung up when her husband got on phone and started swearing at me.
My RE agent tells me Im crazy and pesters me about increasing the rent.
You are crazy!
Let's look at some numbers, shall we?
Presume that the average market rent for your IP's is $300pw each. To be 20% below market, the rent would be $240pw, so you are behind by $60pw for each property. You have three of them, so that is $180pw you are losing. Now, multiply that by 52 weeks in the year gives you $9360pa that you are subsidising your tenants living standards by.
Let's take that one step further, shall we? Fast forward ten years and, presuming you have kept rents at 20% below market, you will have lost $93600. However, I am presuming that you won't give them regular increases and that 20% will slowly creep to 30% or more.
Now, as far as long term tenants are concerned, you really don't have to go to those extremes. I have long term tenants too. I have ones who look after the property like it's their own. Fact is, if the tenant likes the house and the area, the landlord fixes things promptly and does not impose excessive increases, and they have no need to move - babies, job loss, relocation etc - they will stay. If you charge them market rents, even if they don't like the increases, when they look at what else is available, they will see there really is no benefit in moving.
Moving is inconvenient. Moving costs money. I don't know one person that likes moving just for the sake of moving.