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Updated almost 4 years ago,
How do I increase rent during this Pandemic?
Good evening all,
Hope everyone is well. I have a duplex and the rent for one unit is very low. This unit is a 3 BR, 1Bath which rents for $1000 to 1200 in this neighborhood. My rent is $750 because of a mistake from my property management for a 16 months lease. My plan was to increase the rent to a least 950 when the leases ends. Now we have Covid19 pandemic and I know things have been hard for many. To the best of my knowledge, my tenant did not loose his job but I'm not sure if I should not renew his lease which will be due for renewal in July and just get a new tenant or should I just increase the rent to 850 for one year lease then 950 for the next year. I'm pretty sure that my tenant will complain about a 100 dollars increase but at the same time I'm loosing hundreds by not doing so. Any suggestion will be appreciated