Quote:
Originally Posted by TheyCallMeBruce
just my opinion, but if you have good tenants right now, I suggest keeping the rental price the same. Good tenants are hard to find.
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This times 100.
I have a rental condo in Burnaby that the couple has been there for 2 years and 3 months. They are on their third one year lease and I've kept the rent the same since the first day they've moved in. I never hear from them; the place is immaculate when I do an end of year inspection to see if anything needs repairing; they give 12 post dated rent cheques that never bounce. Because of BC laws I think I'm only allowed to raise the rent about $40 per month. That's not going to affect me either way, and I could lose the tenant over a rental increase. I'm sure if they moved out I could get $150-$200 more than I am currently getting, but with that comes the risk of tenants I don't like.
As long as they want to live there, I will keep the rent at $1,200 for a 635 sq ft one and den. I'm slightly cash negative on the year, but before amortization I have net income of a few thousand dollars. I take amortization equal to the rent to have nil income.