Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

User Stats

34
Posts
26
Votes
Cynthia Oistad
  • Rental Property Investor
  • Anchorage, AK
26
Votes |
34
Posts

As new owners, how to raise rent for a long-term tenant?

Cynthia Oistad
  • Rental Property Investor
  • Anchorage, AK
Posted

We are purchasing a 2BR/2BA single family rental in Las Vegas from my family.  The current tenant has lived in the house for about 7 years now and have been on a month-to-month agreement since 2012.  My family has increased the rent for this property ($25 every few years) over the rental period.  Current rent is $900 month.  Last rent increase from $875 to $900 was in January 2017.  As the new owners, we would like to rent the property out at $950, but we also want to keep the existing tenant who has been excellent and not start relationship off poorly.  According to rentometer.com, Median rent for that size of property and zip code is $960.  Average rent is $995.   Should we bother raising rent or keep consistent with previous increases and only raise it $25?  We would sign a new contract with her as the new owners.

 thanks for your help! 

Loading replies...