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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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I have a potential tenant for the condo!-Landlords help!
She wants a long lease. I want to be able to increase the rent if market conditions dicate.
So how would you word the lease so there is a possibility of a rent increase?
Should I put a number on it? percentage? or should I just suck it up and sign a 2 year lease with no rent increase possibility.
It's in AZ..the market blows..the tenants hold all the cards so I'm trying not to push my luck but I don't want to get tied to a contract and get screwed.
Message edited 5/5/2010 1:03:39 PM.
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Posted 5/5/10 1:03 PM  |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: I have a potential tenant for the condo!-Landlords help!
When I lived in a garden apt complex here on LI...I usually signed a 2-year lease. The lease specified that the rent increase would not exceed "X" for the 2nd year. So, they were giving us a little 'break' for committing for 2 years, instead of just for one.
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| Posted 5/5/10 1:19 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I have a potential tenant for the condo!-Landlords help!
Posted by SpiceGirl
When I lived in a garden apt complex here on LI...I usually signed a 2-year lease. The lease specified that the rent increase would not exceed "X" for the 2nd year. So, they were giving us a little 'break' for committing for 2 years, instead of just for one.
good info..thanks.
Any others want to chime in?
Message edited 5/5/2010 1:24:36 PM.
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| Posted 5/5/10 1:23 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: I have a potential tenant for the condo!-Landlords help!
Eh I'd rather have a guaranteed tenant for 2 yrs then make an extra $50 a month you know?
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| Posted 5/5/10 2:29 PM |
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CouponKT
Our family is complete
Member since 6/06 16494 total posts
Name:
K
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Re: I have a potential tenant for the condo!-Landlords help!
I am not an owner or a tenant, but here's my two cents:
To me, two years is not incredibly long that you would be "out" money incase you wanted to increase the rent. I say leave it as is and be grateful for a good tenant looking to sign for 2 years. If she only stayed for one, it could cost you more $$ in advertising and fees to find a new tenant than to worry about a slight increase in the rent.
Go for the 2 years and then see how it goes after that.
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| Posted 5/5/10 2:30 PM |
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robynfs
12/6/10!!
Member since 9/05 4947 total posts
Name:
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Re: I have a potential tenant for the condo!-Landlords help!
We are going through this now. The tenant wants a 3 year lease. We decided that we would not raise the rent during their tenure due to the fact that the market may be better in 3 years...but 2 years is not likely. I wouldn't rock the boat. If you like the girl, don't raise the rent!
Good luck!
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| Posted 5/5/10 2:50 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: I have a potential tenant for the condo!-Landlords help!
Posted by DRMom
Eh I'd rather have a guaranteed tenant for 2 yrs then make an extra $50 a month you know?
I agree completely. Better to have a definite rent coming in, than the possibility of a vacant condo.
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| Posted 5/5/10 3:09 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I have a potential tenant for the condo!-Landlords help!
I agree but trying to convince DH is another story. We are short of the mortgage by a lot and he sees it as a way of getting closer.
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| Posted 5/5/10 5:06 PM |
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LisaI
Momma's Little Beans
Member since 1/06 3923 total posts
Name:
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Re: I have a potential tenant for the condo!-Landlords help!
If it's a 2 year lease I would not increase the second year. We haven't and won't. If they choose to re-sign for another 2 year I would increase and or convince them of the increase would go towards the purchase of the condo.
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| Posted 5/5/10 5:12 PM |
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