Negotiate or find New Tenant?

[Kay M.]

Hello, I have a situation where I've been renting to 3 roommates for 2 years on one lease. I increase rent $25/ mo each lease renewal year in order to keep the good tenants. This year one person is moving away, so the other 2 decided to give me 30 days notice. Now, they've asked me to consider lowering the rent $75/ mo in exchange for them renewing the lease with the possibility that if they find a 3rd roommate, I can increase the rent back to the original rent + the increase in rent.

My question is: Would you consider negotiating or try to find a new tenant in hopes of getting higher rent. What things would you consider?

Thanks for your time!

[Andrew S.]

I would also consider agreeing to some temporary reduction of rent. It sounds like the deal that's on the table still effectively means the two remaining tenants will be paying more out of pocket than before. This does give them incentive to actually go out and find a third room mate, and restore the rent back to the previous level