From the Forum: Is It Worth Raising Rent for a Great Longtime Tenant?
A Brownstoner reader wants to raise their longtime tenant’s below-market-rate rent by $200, which would still keep it below market rate. What’s the best way to approach it? summer7 writes: We want to raise the rent of our tenant’s apartment and are seeking guidance. We have a ground level floor through with a small deck…
A Brownstoner reader wants to raise their longtime tenant’s below-market-rate rent by $200, which would still keep it below market rate. What’s the best way to approach it?
summer7 writes:
We want to raise the rent of our tenant’s apartment and are seeking guidance.
We have a ground level floor through with a small deck in deck in the back on a prime block in Fort Greene. Our tenant has been no trouble at all and is, in fact, pretty cooperative and even helpful. That said, we haven’t raised the rent in 7 years and let her have the apartment for $100 less than we initially wanted. We signed a two-year lease way back when, and neither she nor we have referenced it in all this time.
My husband is ready to raise the rent $200, which is still at least $200 below market value. I love the idea but like knowing our tenant is good. What do you all think we should do?
Other readers think the landlord’s increase sounds reasonable. What would you do? Share your thoughts in the original post.
Need a professional opinion? Try Brownstoner Local Home Pros.
[Illustration via New York Public Library]
Raise the rent. If the apartment is already below market value I am sure your tenant knows she has been lucky. She is putting wear and tear on the unit that will require maintenance.