General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 8 years ago,
Your opinion on Rental Rate
Hello, I'm looking for opinions. I would like more than your $0.02 worth. :)
I have a duplex where one side pays market rent ($825) and the other side pays $700. It was that way when I bought it a year ago and I have not raised rent yet. The side paying market rent is an older couple who has been there for about 10 years. They have take immaculate care of the property, not only their side, but also the whole property. The guy worked in maintenance all his life until retirement and now fixed all kinds of minor things around the property for me as needed. They treat it as their own, which if, of course, how we would like all our tenants to treat the property regardless of how much rent they pay. I'm curious what your opinion is of whether or not I should raise rent on them up to market, which would be an almost 18% increase. Or do it gradually? Or not at all considering he is a valuable tenant because of the maintenance he does on the property?
I was thinking I could keep his rent lower, but not pay him for his maintenance work, or raise it and start paying him, but I'd like to hear your opinions.