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All Forum Posts by: Christopher Wall

Christopher Wall has started 8 posts and replied 21 times.

General Landlording & Rental Properties

Post: Raising rent as a New Landlord

Christopher Wall
Posted
  • Posts 21
  • Votes 2

Hello everyone! 

I'm closing on a house in a week and the seller inherited the house and didn't have to pay a mortgage so she kept the rent prices under market value. For a three bedroom in East Orange NJ , the market price is anywhere from 1600-2000. I was wondering, how much would you raise the rent if the tenant only pays 1,000 per month? The tenant is also on a month to month lease. I want to make it fair and was wondering the best way to go about the situation.

Thank you,

Chris

0 Votes