Rental Income

[wildcherry1980]

Any experienced landlords here....
Any tips on how to increase rental when TA is still not up for renewal? My current rental is 40% below Market and my TA ends only mid next year

 

[fr33d0m]

will you seek to reduce rent if your rent is 40% above market?

LOL....

 

[reddevil0728]

Any experienced landlords here....
Any tips on how to increase rental when TA is still not up for renewal? My current rental is 40% below Market and my TA ends only mid next year

You terminate the contract pay the penalty, look for new tenants who’s willing to pay you the market rate lor

 

[BBCWatcher]

Any tips on how to increase rental when TA is still not up for renewal? My current rental is 40% below Market and my TA ends only mid next year

You terminate the contract pay the penalty, look for new tenants who’s willing to pay you the market rate lor

Wildcherry1980, what does the Tenancy Agreement say about any exit clause?

Alternatively you can attempt to renegotiate the TA, meaning you can make a lease buyout offer to your tenants. Of course they aren’t required to accept your buyout offer. You can also make an early lease renewal offer. For example: ”Market rents have increased about 40%, but you’ve been good tenants who deserve a break. If you agree to only a 20% increase starting a few months early (on January 1, 2023) I’ll extend your lease all the way to December 31, 2035, at that new below market monthly rate.” Same thing: they aren’t required to accept your offer.

 

[maumu]

woah your unit rental shoot up so much?? mine went up around $500 but I didn't think of negotiating as long as my tenants take care of the unit well...

the lease still got 1 year 2 months to go