Renting house from property owner

[Devin Cook]

Hello, I just thought I'd ask this question and see if there was any way I could go about this. I currently rent a 3 bed house for $1,200. The rent went up this year, it was previously $1,050. It's my girlfriend and I currently but I had a roommate and he moved out in February. My question is should I let him know so maybe he could bring it back down a little bit since there isn't as much income coming in or should I not. It's a small town so there is not much competition and I have a pretty good relationship with the guy, I've helped him out throughout the year with projects that he has needed help with, just to give a little insight. Thanks again for whoever replies.

[Joaquin Camarasa]

Hi Devin, 

I will give you the landlord perspective. 

The landlord costs might have gone up for the property (property tax increase and general maintenance). I would do a comparison of the recent rental comps near you so you have all the info, see if his increase in rent price is fair. If other units are renting for less that would play in your favor, have the data ready. 

It seems you have a good relationship with him and It seems you are a good tenant so he might definitely consider it. He would be taking the risk of getting a new tenant. It might be costly with vacancy and it could also be risky for him.

You already have the increase notice, talk to him and see what happens.