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Updated about 7 years ago,
How much notice to tenants when you don't want to renew lease?
Hi everyone, for landlords who have decided not to renew tenants' lease, how much notice do you give them?
Also, opinions needed. I have tenants in one unit where recently one person is in the process of moving out. I've had a hard time dealing with this person over the two years they've lived here. Nothing major-- they always pay on time but I feel like they take advantage of my kindness and is always asking for extra things while complaining rent is too high as well as getting into arguments with tenants in another unit over parking. On top of that, the person airbnb a room in the unit behind my back. My decision has been to act clueless as the house seem to be in good order (my thinking is that they will take care of the unit in order to get bookings) and rent is paid. The remaining rest of the family will stay in that unit but I only communicate through the annoying tenant as no one else speaks English. I would like to sign the lease with the remaining family but is this foolish?
Second part of the question. The rent is currently below market by $100-$200 in my mind. I've seen rent for comparable apartments go for higher but I have some ethical issues raising it so high. My market is considered low-income and I would like to have long term tenants so don't want to end up having vacancies should the economy go belly up. If I renew the lease, how much should I raise it by?