All Forum Posts by: Sudhanshu Saraswat

Question for those of us who own units in the city: 

I'm a first time landlord and nearing the 1 year renewal date for my tenants. 

I was curious about the community and opinions on what an appropriate rent increase is / what others have done in the past. 

Have you seen success with giving a single "take-it-or-leave-it" number? Is it better to start high and negotiate down? Do you just go for 5% and call it a day? 

I've used the BP rent calculator and it doesn't seem like there's much in the way of updated rental rates for my area yet, so I'm flying blind (and I'm nearing a 60 day lease renewal period so I have to make a decision soon). 

Details: 
Units are located in Humboldt Park/ Ukrainian village

Unit conditions are average, but the kitchens need updating.  

Current rent is $1350 / unit. 

Each unit is 2 beds 1 bath. 

Thanks in advance!