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renters/landlords - rent increase question
what is a "reasonable" amount to increase rent? Our renter's lease is up on June 30th and we have the right to increase the rent a "reasonable" amount if she renews.
We are not overly thrilled with the renter, she has been late almost every month (3 weeks late one month), take liberties (like saying, "hey dont cash this til friday", dates the check for friday the 3rd instead of the 1st so i couldnt cash it if i wanted to, instead of just saying, "hey do you mind not cashing til friday?", etc). I feel like she tries to take advantage. I haven't charged her so much as one late fee yet....So it's not like we're dying to keep her....BUT at least she IS paying. its better than no money at all. I may have someone else interested in renting also.
Is there a standard percentage? If rent is $1500/mo, raising it $100/mo is too much right? is $50 fair? MH thinks we should raise it the most we can and if she doesnt want to stay, oh well. I'm more nervous that we won't find someone else!
Thanks!
Re: renters/landlords - rent increase question
Unless you know you can get a new renter right away, I'd only up it $50 per month. I'd also highlight in her lease renewal that she is responsible for late fees for her rent, the amount of the late fees and date due by. If she keeps up with the late fees, I'd up it $100 next year.
I am loving our renter we have. I pray that he stays with us for the next 15 years. LOL
I dread finding new renters.
When we were looking into it, we had heard 2-5%. I think we were going to raise the rent our our condo from $1350 to $1400, but I can't remember the details, since it was awhile ago. We weren't that fond of our tenant and we had an increase on the homeowner's fee each month, so we were passing some of that along.
I believe you need to give her written notice of a rent increase prior to her deciding if she wants to renew. That would probably factor into her decision. We gave our tenants 45 days notice, but there may be something written into your lease.
Oh and they did move out and it took about 8 months for us to find a new tenant. But we really like this tenant and we're getting more money each month.
Became a Mrs. on 4/29/06 and a Mommy on 12/5/08
When we were looking into it, we had heard 2-5%. I think we were going to raise the rent our our condo from $1350 to $1400, but I can't remember the details, since it was awhile ago. We weren't that fond of our tenant and we had an increase on the homeowner's fee each month, so we were passing some of that along.
I believe you need to give her written notice of a rent increase prior to her deciding if she wants to renew. That would probably factor into her decision. We gave our tenants 45 days notice, but there may be something written into your lease.
Oh and they did move out and it took about 8 months for us to find a new tenant. But we really like this tenant and we're getting more money each month. Part
of that time was fixing up the place ot lBecame a Mrs. on 4/29/06 and a Mommy on 12/5/08
When we were looking into it, we had heard 2-5%. I think we were going to raise the rent our our condo from $1350 to $1400, but I can't remember the details, since it was awhile ago. We weren't that fond of our tenant and we had an increase on the homeowner's fee each month, so we were passing some of that along.
I believe you need to give her written notice of a rent increase prior to her deciding if she wants to renew. That would probably factor into her decision. We gave our tenants 45 days notice, but there may be something written into your lease.
Oh and they did move out and it took about 8 months for us to find a new tenant. But we really like this tenant and we're getting more money each month. Part
of that time was fixing up the place toBecame a Mrs. on 4/29/06 and a Mommy on 12/5/08
When we were looking into it, we had heard 2-5%. I think we were going to raise the rent our our condo from $1350 to $1400, but I can't remember the details, since it was awhile ago. We weren't that fond of our tenant and we had an increase on the homeowner's fee each month, so we were passing some of that along.
I believe you need to give her written notice of a rent increase prior to her deciding if she wants to renew. That would probably factor into her decision. We gave our tenants 45 days notice, but there may be something written into your lease.
Oh and they did move out and it took about 8 months for us to find a new tenant. But we really like this tenant and we're getting more money each month. Part
of that time was fixing up the place to list it, but weBecame a Mrs. on 4/29/06 and a Mommy on 12/5/08
I agree, especially the bold section. If she was renting from a management company they'd have charged her late fees right away. She's taking advantage of you.
When we were looking into it, we had heard 2-5%. I think we were going to raise the rent our our condo from $1350 to $1400, but I can't remember the details, since it was awhile ago. We weren't that fond of our tenant and we had an increase on the homeowner's fee each month, so we were passing some of that along.
I believe you need to give her written notice of a rent increase prior to her deciding if she wants to renew. That would probably factor into her decision. We gave our tenants 45 days notice, but there may be something written into your lease.
Oh and they did move out and it took about 8 months for us to find a new tenant. But we really like this tenant and we're getting more money each month. Part
of that time was fixing up the place to list it, but we wound up finding a tenant instead.Became a Mrs. on 4/29/06 and a Mommy on 12/5/08
I know in my renting in NYC every landlord has raised us 4.3% each year, per rent stabilization rules (I guess each of my buildings has been regulated by that). I believe the maximum allowed by law in NYC is 7%. At $1500 that would be an increase of $64.50-105. Given that she does pay, albeit sometimes a few days late, I wouldn't want to raise it so much she decides to look elsewhere. Maybe split it between what you and your husband say and raise it $75.
My landlord doesn't consider it late until the 5th and if it's after that he will assess a $75 late fee. This is laid out in our lease and the fee is high enough that if I were otherwise considering paying late (which I never would regardless of financial penalties) that would stop me.
when we were renting out my mom's condo the renters were usually a little late. i don't begrudge anyone waiting until the friday to pay the rent. that's usually pay-day, afterall.
I normally would have no real issue with this either. its more how she goes about it and that we are expected to go out of our way for her on everything. i feel like she's taking advantage of us b/c we're younger than her and this is our 1st time being landlords. the month she was 3 weeks late with rent, she never got charged a late fee. She started out saying she only wanted to stay 1 year. now she's saying, well, maybe we could do a 3 month lease b/c she's not sure what she's doing now?? Her lease is up in June. I'd like to keep that cycle b/c ppl wanting to move in district are going to do so in the summer, not in October. I feel bad for her but I feel like I've gone out of my way enough too.