All Forum Posts by: Lisa W.

I'm facing a similar situation, in the Bay Area.  I've raised rents annually 4% on average, but that hasn't kept pace with the market in this part of the country. My initial tenant stayed for 18 years, and when he did move his roommate stayed.  So no turnover in 20 years. My current tenant is great and I'm loathe to do a big increase.  Trying to bite the bullet...

I face a similar dilemma in the same market.  Have had no turnover in 20 years (!), which has been great on the one hand, but now I'm way under market.  Even with average annual increases of 3-4%, I'm about 25% below market rate.  Due to health concerns I'm considering retiring next year, and will need extra cash flow to pay for health insurance.  So I am planning to raise the rent by about $1000, which is a 35% increase.  I feel really bad about that, but at the same time don't want to get scr***d myself if laws change and rent control goes into effect for my building.  

@TanyaF, I have a condo in SF and a small duplex in Portland and have been shocked at how rents have gone up in both places.  SF is just crazy.  My main tenant in SF has been there 16 years.  The rent increases have been modest as he IS a good long term tenant, and I had so many other life issues I didn't want the risk of having to find new tenants, fly to SF, etc.. And I kept thinking he'd eventually move (he's a single guy).   He hasn't though, and now his rent is waaayy below market. $2300/mo when similar units are going for $3600.  I'm really struggling with how much to raise the rent by this year (and thankfully my unit isn't under rent control).  Especially since I raised it $400 from $1900 a little over a year ago. Long term tenants are great, but like Tanya F I'm starting to feel shortchanged.