Small rent increase or keep an excellent tenant at $952?

W

way.sage

Property manager
Freezing the rent seems fair to a dependable tenant, but regular small increases may be kinder than allowing a large gap to build. The property currently brings in $952, while the comparable figure I have is about $1,107. The tenant is reliable, flags problems promptly and keeps the place in good order.

I am weighing that stability against the long-term rent difference. Even one empty month plus advertising and preparation could erase much of the extra income. Would you leave the rent alone, introduce a modest scheduled rise, or review it alongside future improvements? I will check the local notice requirements before doing anything.
 
The $155 monthly difference makes the increase look attractive, but the missing figure is the likely cost if this tenant decides not to renew. Add up a realistic vacancy period, advertising, cleaning or preparation and the time spent finding someone new. Then compare that total with the extra rent from a modest rise rather than the full $1,107.

I would also want to know whether the tenant has indicated any intention to stay. With enough notice, a small increase may preserve the relationship while stopping the gap from growing.
 
I would first ask how solid the $1,107 comparison is. Is it based on genuinely similar properties, including condition and school catchment, or just current asking prices? I disagree that an increase is automatically needed merely because there is a gap. If the evidence is strong, discuss a smaller staged rise; if it is weak, stability may be worth more. Confirm the local timing and notice requirements before approaching the tenant.
 
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