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Fellow investors, with the "rate increase that we had to have", will you be increasing your rents more to cover the extra repayment?
I know that I will be reviewing all rental propertties with the view of increasing them. Poor tennants!
Have a great day!
I voted no the tenants we have have been with us for a while,they pay on time,never complain,and that within itself is worth more than the extra20 bucks a week in rent,if I was to jack up the rent by 10% they would move out,then as you all know finding that right person can be very hard but i do think if you jack up the rent by $50.00 they will walk..imho.." Poor tenants", that comment made me think real hard. They're not poor, they're rich! They drive faster, newer cars and bigger and brighter plasma screens!! They are not poor.
Maybe an extra $40-50 wont hurt them so bad.
I don't look at the rate rise to determine my rent increases. I charge as much as the market will bear. That might mean by more than the rate rise, maybe by less.
Alex
Has anyone atempted 10% increases to EXISTING tenants after lease expiry..and not resulted in them moving out?? I'd love to try.
Relets can get costly both in time and fees, and new tenants may not be as good as the existing.
Relets can get costly both in time and fees, and new tenants may not be as good as the existing.
I wouldn't say that, I've actually got better tenants in both IP's.new tenants may not be as good as the existing.