Central AC - rent up? (by LS [OH]) Jun 5, 2014 8:50 AM
Central AC - rent up? (by Roy [AL]) Jun 5, 2014 9:03 AM
Central AC - rent up? (by LS [OH]) Jun 5, 2014 9:10 AM
Central AC - rent up? (by Moshe [CA]) Jun 5, 2014 9:27 AM
Central AC - rent up? (by BillS [CO]) Jun 5, 2014 9:27 AM
Central AC - rent up? (by gevans [SC]) Jun 5, 2014 10:05 AM
Central AC - rent up? (by LS [OH]) Jun 5, 2014 10:33 AM
Central AC - rent up? (by BillS [CO]) Jun 5, 2014 11:36 AM
Central AC - rent up? (by Robert,Ontario,Can [ON]) Jun 5, 2014 12:50 PM
Central AC - rent up? (by Vee [OH]) Jun 5, 2014 2:36 PM
Central AC - rent up? (by WMH [NC]) Jun 5, 2014 3:46 PM
Central AC - rent up? (by Robert J [CA]) Jun 5, 2014 5:21 PM
Central AC - rent up? (by gevans [SC]) Jun 6, 2014 5:44 AM
Central AC - rent up? (by LS [OH]) Posted on: Jun 5, 2014 8:50 AM Message:
State Specific Question About: OHIO (OH)
How much is it possible to ask rent increase if the central AC is installed in the middle of the lease term ( at tenants request).
Also, one tenant asked me to install it and is ready to pay 50 %. Should i increase the rent anyway as i still have to pay other 50%.
Thank you in advance. --65.27.xxx.xxx |
Central AC - rent up? (by Roy [AL]) Posted on: Jun 5, 2014 9:03 AM Message:
I would wait until the lease term has expired or up for renewal and then bump the rent then.
However, if you have a tenant that willing to pay 50% more in rental now, I would add a rider or addendum to the existing lease for that one tenant. --69.244.xx.xx |
Central AC - rent up? (by LS [OH]) Posted on: Jun 5, 2014 9:10 AM Message:
To:ROY and all the rest LL. I guess, I did not express myself clearly. I meant to say that the tenant offered me to split the cost of AC with me 50%-50% --65.27.xxx.xxx |
Central AC - rent up? (by Moshe [CA]) Posted on: Jun 5, 2014 9:27 AM Message:
If you have a valid lease, then it is NOT possible to raise the rent because you made some improvements.
If the improvements were at the tenants request, then you should negotiate the improvements AND the raise in rent together, and both of you execute a new rental agreement with the improvements and the new rental price.
--96.247.xx.xxx |
Central AC - rent up? (by BillS [CO]) Posted on: Jun 5, 2014 9:27 AM Message:
Really it's whatever you negotiate. You can't change the rent amount unless you both agree. Personally, having someone foot half the bill for central air would be enough for me. I would do the rent increase at the renewal.
What is central air worth for increased rent in your market? Meaning if a house has central air how much more do you get in rent vs one that does not? Here it's not really that much. Most folks either want it or don't care. Those that want it don't typically have to pay more for it. --75.160.xxx.xxx |
Central AC - rent up? (by gevans [SC]) Posted on: Jun 5, 2014 10:05 AM Message:
If a tenant made that offer to me, I'd do it in a skinny minute.
Of course, I install myself, so I would contribute the labor for most of my half.
When his lease term was up, or when he left, I'd up the rent.
Free upgrade as far as I'm concerned. --141.129.x.xx |
Central AC - rent up? (by LS [OH]) Posted on: Jun 5, 2014 10:33 AM Message:
How much should I increase the rent if all AC expenses are mine or should I just refuse to install the AC? --65.27.xxx.xxx |
Central AC - rent up? (by BillS [CO]) Posted on: Jun 5, 2014 11:36 AM Message:
If I am doing an upgrade I want to recover the cost in 3 years (4 max). So a $3,600 AC unit would require a rent increase of $100 per month.
Ask the tenant what they are willing to pay. Since your property would be more desirable with central air would you be willing to foot the bill to make it easier to rent next time? If not you have your answer. --75.160.xxx.xxx |
Central AC - rent up? (by Robert,Ontario,Can [ON]) Posted on: Jun 5, 2014 12:50 PM Message:
Ask the tenant to agree to tear up the existing lease then sign a new lease. Consider amortizing the cost of installing air conditioning over a time period that way the tenant would be paying every month. One can choose 3 to 5 years then air conditioning system is paid for. Remember once the central air conditioning is installed the tenants hydro electric bill is going to be higher where rent may be a issue. --74.220.xxx.xxx |
Central AC - rent up? (by Vee [OH]) Posted on: Jun 5, 2014 2:36 PM Message:
Divide the expenses by 11, so with a/c costing about 3000 / 11 = 270, each person pays 140. --75.94.xxx.xxx |
Central AC - rent up? (by WMH [NC]) Posted on: Jun 5, 2014 3:46 PM Message:
AC's last about 5 - max 10 - here (so they tell me, but we just replaced a unit that was 22 years old...) so I'd be dividing the cost by the expected life span - and start negotiating. Whatever you both agree on is okay. --50.82.xxx.xxx |
Central AC - rent up? (by Robert J [CA]) Posted on: Jun 5, 2014 5:21 PM Message:
In Los Angeles we call this a capital improvement. After getting permission from your City, this is how much you charge each tenant for providing central air conditioning though out the building.
Total cost divided by two. Tenants pay half and the owner pays the other half.
Now that you have half the cost you divide that by the number of unit.
Now that you have a unit cost you divided that by monthly payments over 5 years. If less than $50 per month, no problem. IF under $60 per month, you need special permission. If over $60 per month, you are dead in the water..... have to settle on partial repayment.
So if it cost $100,000 to add central A/C to a property with 10 units, you take half of the cost ($100,000) and divide by two -- tenants shard $50,000.
You take the tenants share, $50,000, and divide by 10 units, equals $5,000 per units. Then divide by 5 years of monthly payments or 60, equals $83.00 per month.
To expensive an amount to impose on tenants, you will only get around $50 per month per current tenant. After 5 years, you can ask the city to continue to charge extra per month based upon your original costss. --98.119.x.xxx |
Central AC - rent up? (by gevans [SC]) Posted on: Jun 6, 2014 5:44 AM Message:
Be advised that the newer residential a/c units will likely not last as long as the older ones.
1. All metal parts are thinner to save money
2. Tubing is thinner to create higher efficiency heat exchange
3. This is the worst one...the new 410a refrigerant runs at higher pressure than good old R22. Higher pressure means higher failure rate for coils and tubing. There is currently a class action lawsuit by residential homeowners against several of the biggest HVAC manufacturers because of coil failure.
My personal heatpump coil failed two months ago; it was only 4 years old. And it was not a cheap one. Part was free under warrantee, but labor not covered. Fortunately (?) I do my own labor on this kind of thing. --141.129.x.xx |
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