Renovating Condo I am Renting

[Zachary Selter]

I've been renting condo for 2 years and will be renewing my lease for a 3rd year at the end of this month. The owners put the condo on the market about 6 months ago and have been showing it regularly. It seems to be a little overpriced to me because the kitchen and bathroom are a little outdated. I figure it will help them with their future plans to sell the condo and I could pay less rent as compensation. 

I work in construction as a project manager that builds large multi-family apartment buildings. I am currently helping manage a 171 unit building so I am experienced in the field and am comfortable putting an estimate together for the work. 

The renovations I would be proposing would be replacing the kitchen cabinets and countertops and replacing the bathroom floor and wall tile. I am planning on doing the renovations myself with the help of a friend who has done several significant renovations in his own home. I just need to check with the condo association about any requirements they have for working in the building. 

Assuming I get the okay to do the work myself, I am trying to figure out what the best way to structure the deal is when I go to propose it to the owner. I would have a hard estimate together for the material but the labor would be my own time which I don't have a rate figured out for. So I would expect to get any material costs compensated via rent credit but would like some help determining how much additional credit I should ask for in compensation for the labor and increase in value of the condo. 

[Wayne Brooks]

It’s Not a “net zero” cost for them....less rent received is the same as paying out of pocket for it.