New Member Introductions
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago,
Rent Renewal Negotiation
I currently have tenants (family of 4) living in a single family home in Houston paying $2800 in rent monthly. They've never been late and keeps the house in impeccable condition.
Yesterday, I got an email with their 60 day intend to vacate notice (by the end of July). When I talked to the husband, he informed me that money is tough (he's building a new restaurant business) and needs to downsize. But he also said that if the rent could be reduced to $2000 for the first 6 months, he'll pay that balance ($800 x 6mos=$4800) and start paying regular rent at the end of 6 mos.
What do you guys think? I've never had an issue with the family and would hate to see them go. I was also thinking of raising the rent to $3000 this year (or at least negotiating a middle ground). I was going to do that last year, negotiated with them, the finally decided not to. Do you think I should bring that up (that the rent would go up to 3000 after the 6 months)?
I know this is an unusual situation and would appreciate any feedback...