 Rental Increase (by John [OR]) Jul 27, 2011 3:37 PM
 Rental Increase (by Wendy [NC]) Jul 27, 2011 3:44 PM
Rental Increase (by LL [AZ]) Jul 27, 2011 5:55 PM
Rental Increase (by Irish [MD]) Jul 27, 2011 8:28 PM
Rental Increase (by BRAD 20,000 [IN]) Jul 28, 2011 12:01 AM
Rental Increase (by John [OR]) Jul 30, 2011 9:38 AM
Rental Increase (by John [OR]) Jul 30, 2011 9:38 AM
Rental Increase (by John [OR]) Posted on: Jul 27, 2011 3:37 PM
Message:
State Specific Question About: OREGON (OR)
I have a retired couple who have been very good tenents for 9-yrs. I've a;ways tried to keep the rent down with minimal increses or no increases most of the time.
I rent the 2-bedrm, 2-bth condo for $820/mo. Last year I incresed the rent by $20/mo. My costs for the condo have risen from $900 to $940/mo.since last year. I expect another increase to my overhead in October. I would like to raise their rent to $850-$860/mo. I'm afraid they may decide to leave. They've always paid me on time so I'm trying to keep them.
Yesterday,I sent them an email requesting a meeting.
How should I handle this meeting? Thank you. --98.246.x.xx |
Rental Increase (by Wendy [NC]) Posted on: Jul 27, 2011 3:44 PM
Message:
I would explain that expenses have risen (surely they know this!) but that you want to retain them as tenants and are prepared to do (certain things) to keep them. If they have been there for a long time, I bet there are maintenance issues they want addressed. Painting, carpet cleaning (replacement!) etc. If you can do these things as a reward while the tenant is there, rather than when the place goes empty, it's a win-win.
--173.16.xx.xxx |
Rental Increase (by LL [AZ]) Posted on: Jul 27, 2011 5:55 PM
Message:
Do I have this right? For ten years you have been subsidizing their rent by $100 a month? Or did costs just recently outpace rents?
If you can't make a profit renting property you should unload it.
I had a LL who without my knowing it was subsiding my rent for over $300 a month - and he ended up going into foreclosure so I had to move. If he'd just told me I would have paid him enough to keep the place. --76.170.xxx.xxx |
Rental Increase (by Irish [MD]) Posted on: Jul 27, 2011 8:28 PM
Message:
It all depends on what the market rental rate is...
10-12 yrs ago, I could increase apt rents 5%/yr...last couple years...luckly to not reduce rents to keep.
Sit down talks are good to show them how you are losing money with current rent rate and may have to go into bankruptcy, which will possibly lead to their eviction...find ways for them to either help or hinder...they start paying full market rent rate or else they will have to soon move anyways... --96.239.xxx.xxx |
Rental Increase (by BRAD 20,000 [IN]) Posted on: Jul 28, 2011 12:01 AM
Message:
I show them a chart of the property tax and insurance increases to justify the rent increase. --50.129.xxx.xxx |
Rental Increase (by John [OR]) Posted on: Jul 30, 2011 9:38 AM
Message:
The reason I have been subsidizing it is because I wanted to avoid capital gains if I sold it. Also they always pay on time. The amount of the discrepensy increased from aout $40/mo to $120/mo over the years. --98.246.x.xx |
Rental Increase (by John [OR]) Posted on: Jul 30, 2011 9:38 AM
Message:
The reason I have been subsidizing it is because I wanted to avoid capital gains if I sold it. Also they always pay on time. The amount of the discrepensy increased from aout $40/mo to $120/mo over the years. --98.246.x.xx |
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