Should I lower the rent from 1700$ to 1600$

[Daniel Sar]

My tenant’s lease is up at the end of august and they don’t know if they want to renew a lease because it’s too expensive. The average rental around the area for a 2b/1ba is around 1500$. They are good tenants and I’d like for them to stay. If I have to list it for rent I’m not sure if I could get 1700, but confident I can get 1600. Should I take the 100$ loss or take my chances

[Chris Seveney]

@Daniel Sar

If it was me I would keep the existing tenant if they are a good tenant

Why?

Devil you know is better than devil you don’t and if you have to rent it again you will probably lose a month of rent and have to get it rent ready which is probably $2500+ compared to losing $1200 this year in lost rent.