Modest rent increase or retain a reliable Seattle tenant?

[aisha.wood]

I have a reliable tenant in a small Seattle multifamily who pays about $1,139 and takes good care of the home. Comparable asking rents appear to be around $1,305, but I do not want to chase that figure blindly and then absorb vacancy, turnover and refurbishment costs.

Would you make a modest adjustment to preserve the tenancy, or move closer to the apparent market rent? I also want to handle notice and any eventual deposit issues correctly under current local rules. I’m trying to run this as a business without being unreasonable.

 

[xavi_flint]

I would lean toward a modest increase. The full gap is $166 a month, or $1,992 over a year, and even a short vacancy plus cleaning or repairs could consume much of that. Reliable payment and good upkeep have real value.

Before choosing a number, are the $1,305 listings genuinely comparable in size, condition and location—and are they actually renting? Also consider the unit’s maintenance history and any work likely to be needed soon. Once you decide, verify Seattle’s current notice requirements before communicating it.

 

[bikesAndHarbor]

I would not automatically leave a large discount just because the tenant is good. If costs keep rising, avoiding reasonable increases can create a much harder conversation later. But asking rent is not the same as achieved rent, so $1,305 should not be treated as guaranteed.

Price out a realistic vacancy period, refurbishment and any leasing or transaction costs, then compare that total with several possible increases. Give a clear written explanation and comply with the rules in force when notice is served. If the tenant eventually leaves, keep deposit handling separate from the rent discussion and document the unit’s condition carefully.