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Updated over 3 years ago,
Increasing rent from $1,245 to $1,445? Remove tenant or offer?
Hello again, BP.
So, I have not raised my rents in roughly three years, but really feel the need to increase rental prices now after looking around.
Currently at $1,245 for a 2 bed 1.5 bath 1060 sq ft flat in a B+ to A- location.
Should I offer the increased price of $1,445 to the current tenant or remove them for minor renovations before renting back out?
Slightly nervous that they might get angry due to a $200 rent increase and potentially damage the unit.
What are your thoughts? Do I need to give them any paperwork as to why I would not be renting the unit back out (PA)?
Thanks for any and all replies!