Raising Rental

[Nuclear Boy]

Maybe you can take a leaf out of the 'GST hike' book...

Increase $100 first, then 3-4 months later up another $100 etc. Tell them it's a gradual increase, won't hit their wallets as hard. If they intend to stay on for years to come, can change the period to 6 months between increases.

Win-win for you and your tenants. But still, the final hike should be something reasonable for your tenants la.

 

[virtualape]

existing rate + market rate /2.

if you wnt to be more transparent, get 4-5 rent rate near your place. get the average then do the above.

 

[HeiHeiHei]

Hi folks

I have a pair of tenants renting my master bedroom for the past 3 years. Good tenants, seldom cook and never late in payment.

With the high COL now, I'm intending to raise their rental by couple of hundreds.

How best to bring up to them, can anyone advise...

Unless your rent is below market… do note now market over supply, weak demand… can prepare to find new tenants if you raise above market rate

 

[Ronaldo88]

Woman many problems..just use mouth nia..anything go wrong blame here there but not her.. Thk master bedroom can go up to 1.2k..

 

[Akky85]

Caution. Rental cooling down. Not easy to get good tenants. My neighbor has a unit - renting out full unit except master bedroom which is lock. Total about $3k+. Now want to increase to $4k+. Tenants shifted out. 2 weeks already, no takers. Good location, 400m walk to mrt and within walking distance to eateries.

Mad 4K no matter how close or good location, it's still not a condo.

There are hard cap limit perception prices by the market. As much as landlord always like to say, there's always more ppl, there's also always more options to rent from too.

HDB is like carrot cake level, the best u would pay is MAX 5 buck for a plate. over that, only retards and siao lang will buy from you.

 

[white_prince]

Usually sign a contract?

 

[pohw0008]

I used the reason that many don't want to rent to that race, that's why she is paying over the odds .. but, in wondering why rent in Woodland, when her work place is in simei.

Cause woodlands should be cheaper..

 

[Justrade]

Mad 4K no matter how close or good location, it's still not a condo.

There are hard cap limit perception prices by the market. As much as landlord always like to say, there's always more ppl, there's also always more options to rent from too.

HDB is like carrot cake level, the best u would pay is MAX 5 buck for a plate. over that, only retards and siao lang will buy from you.

1600+ sq ft

 

[harky]

Master for couple with ac and wifi, plus electricity/water inclusive at $1k.

At times, when we change furniture in the house, we will included theirs as well. Actually, I'm reluctant to raise their rental, but my SO is kpkb how my rental is below market rate lah, blah blah.. for the past year..

I'm only thinking about raising $200 only. $200 after 3 years, I think it's not too much that they will chuah tio..

So low.. Can up abit..

Tell them 1200.. If they nego.. U say 1150max

 

[osirisx]

tell them you will give them voucher to exchange snacks from the pantry

 

[Milodrink]

Master for couple with ac and wifi chao chao $1400. But if you suddenly raise a few hundreds they might chua tio and run. Better to raise incrementally - $150 first.

Rental practice usually utilities tenant separately ownself pay

Unless TS pay

 

[meekiatah]

Unless your rent is below market… do note now market over supply, weak demand… can prepare to find new tenants if you raise above market rate

Current rent is $1k, Master bedroom with WiFi, electricity/water included. Intend to raise $200, but I'm hesitant...

 

[meekiatah]

Woman many problems..just use mouth nia..anything go wrong blame here there but not her.. Thk master bedroom can go up to 1.2k..

I've been receiving flyers from agents where they got put rental price for my area matter bedroom at $1,200.. that's why I'm a bit hesitant..

 

[meekiatah]

Cause woodlands should be cheaper..

Precisely, I felt Woodlands should be cheaper but SO said her colleague is posting $1,400 for master bedroom, to which I countered with maybe that particular race finds it harder to find room rental, that's why it over the odds.

 

[meekiatah]

So low.. Can up abit..
Tell them 1200.. If they nego.. U say 1150max

That price is from 3 years ago. When govt adjusted GST from 7% to 9%, they just rented for 1 year plus only, that's why felt pity for them and I didn't think of raising their rental to cover potential rise in expense, as we know, 1% rise in GST doesn't mean expenses will only rise 1% only...

 

[meekiatah]

Rental practice usually utilities tenant separately ownself pay
Unless TS pay

I thought that's only if owner do not stay at the property?

My first 2 pair of tenants pay the rental and I will bill them the utilities amount and they in turn send me the rental + utilities money.

That's when I'm staying overseas.

 

[meekiatah]

existing rate + market rate /2.
if you wnt to be more transparent, get 4-5 rent rate near your place. get the average then do the above.

Ya, reminds me to check HDB website on rental prices..

 

[Milodrink]

I thought that's only if owner do not stay at the property?

My first 2 pair of tenants pay the rental and I will bill them the utilities amount and they in turn send me the rental + utilities money.

That's when I'm staying overseas.

Yeah but cos not sure if TS staying with tenant or not. Sound like no cos he say he got SO.

 

[meekiatah]

Yeah but cos not sure if TS staying with tenant or not. Sound like no cos he say he got SO.

I'm the TS actually. we are staying with the tenants, taking the common room actually. SO is ok with using the common room and rents out the master bedroom for additional income over the common room.

As SO is foreigner, about 1/3 of the year, we will be overseas..

 

[meekiatah]

Just checked HDB website and PropertyGuru. HDB only provides whole flat rental rate statistics, where's PropertyGuru for my area shows prices between $1,100 (only 1 listing) with most between $1,200 - $1,400..