Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. 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 about 4 years ago on . Most recent reply

User Stats

160
Posts
40
Votes
Fahadbin Alam
  • Rental Property Investor
40
Votes |
160
Posts

How much should I charge the Rent?

Fahadbin Alam
  • Rental Property Investor
Posted

So I bought my first property and this townhouse already has a tenant in it. They pay 976 and I want them to sign a new lease of 12 months for 1300. Is this a good thing? the townhouse has 3 bedroom and 1 bathroom and I'm thinking of adding another bathroom. My agent told me the people there have been living it good, so it would be wise to increase the monthly rent. I do trust my agent, but I also want opinions from the Bigger pockets community.

Most Popular Reply

User Stats

14,502
Posts
11,192
Votes
Theresa Harris
#3 Managing Your Property Contributor
11,192
Votes |
14,502
Posts
Theresa Harris
#3 Managing Your Property Contributor
Replied

How did you come up with the $1300 number for rent?  Look at what the comparable properties rent for.  Also check if there is a limit on how much you can increase the rent and if they are currently month to month or under a lease.  If the latter, you need to wait until that lease expires.  If they are good tenants, raising the rent over $300 will probably cause them to leave.

As for adding another bathroom, wait until the unit is empty.  Doing a major reno like that when it is occupied is asking for trouble.  Also check out how much it would cost and how much extra rent you'd get as a result.

  • Theresa Harris
  • Loading replies...