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Originally Posted by squiggs96
For my tenants there is a clause built into the rental agreement that states if someone moves in that wasn't on the original rental agreement, rent goes up by a certain amount. I think it's $25 or so. It's built into the agreement, nor for monetary gain, but if they become problem tenants, start harbouring extra people and it can be used as an eviction technique for non-payment of rent.
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That's a great idea! I haven't had much problem with this, but it does happen from time to time.
The other thing I'm doing more lately is putting new tenants on fixed 3 or six month terms to start with with the wording being that unless otherwise agreed upon by both parties the tenancy ends.
While it might increase turnover a bit, I'm finding I have less a problem with turnover and more a problem with terrible tenants despite looking good on paper, and this give us a "trial" period that I can just choose not to extend and they have to leave.. a periodic I'd have to go to court and all that jazz, this way I figure there's no agreement they're squatters!
Haven't had to enforce it yet though.
Quote:
Originally Posted by squiggs96
That being said, both my places are 1 + Dens and are rented by couples. I didn't raise rent after the first year, as they are both perfect tenants and my life would not change at all by receiving an extra $25 or $50 per month. The comfort I have in knowing they are taking good care of my condos is worth the $25 a month I could be earning if I rented to someone else. I'm not sure they would move out with rent going from $1,200 to $1,225, but I didn't see a need for it this year. If I owned many more properties, than $25 and $50 increases become much more substantial in total dollars.
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THIS!!!
I don't know how many times one of my properties with partners where the partners what to raise rents whenever possible and we've lost good tenants for it.. over and over and over. One month vacant and you've lost more than the increase would have gained. They never listen.