Tenant raises own rent

[BK911]

Renter started paying me an extra $25 per month.
She's been there >7 years and I only raised the rent once.
Says she feels bad I never raised the rent, so she raised it herself!
When does this happen?
I charge a little below market value, but still make a little each month and have the tax deduction.
Really playing long ball and banking on the increased property value, and the fact it will be paid off soon.
But now I can afford another case of beer a month!

[legion]

Sounds like a keeper.

[ZAMIRZ]

Wow, as a renter myself, I couldn't fathom doing that. I've got an awesome landlord who I never talk to unless something is broken. She'll leave some beer or chocolate after making the repairs and it's never when I'm home, haven't seen her since the day I signed the lease.

You're a pretty noble guy for only raising the rent once in 7 years, I commend you for that.

[legion]

Or...she feels guilty for the meth lab in the basement...

Seriously, I was a renter for three years after college. The first year my rent was $400 a month. The second year my rent was $600 a month. The third year my rent was $800 a month. I was a model tenant. The company that owned the place seemed to be of the opinion that if you stayed more than a year, they'd really put the screws to you. I'm pretty sure that I was the only resident to have lived there for three consecutive years. In my third year I had drug dealer living beneath me and someone was murdered down the street. I moved out. Earlier this year, 4 people were murdered in the building I used to live in. Real quality landlord.

[fastfredracing]

Heck, id be happy if I could get half my tenants to pay me even a reduced monthly amount.

[recycled sixtie]

Our condo is coming up for renewal with our couple of tenants going in to the third year.
You must have a super tenant and I have never heard of this aka raising their own rent.

Yes it is important to keep tenants happy and if they are happy then there is less chance of a vacant condo which is expensive.

Well done on your part. You must be a good landlord!

[GH85Carrera]

My first and only apartment was a dumpy garage apartment that was 13 steps up a wooden stairway that was not real solid. The equivalent of $350 per month today, I had to pay all the utilities and put down the deposits for phone, gas and electric. There was no such thing as internet or cable TV in the olden days. I was there just over a year and always mailed my check on time. As I moved out the place was a lot cleaner, and several little things were fixed by me. The landlord said I was one of his few tenants to ever get a deposit back, and that I always paid on time. He even said to list him as a reference if I need to.

I moved in with a buddy to a duplex with a dishwasher and washer and dryer. The rent was just a little higher and the neighborhood was a lot better. It was my only time to ever have a roommate, and we had zero problems until the roof started leaking like crazy. The landlord has lost his money in the oil bust and he could not afford to fix the roof.

I moved out and bought a house a little before I really truly could afford it in the Jimmy Carter era of 18% home mortgages. I got a super bargain rate of just 12.5%.

When I got married I moved into my wife's house and rented my place. I did not like anything at all about being a landlord. After two years I evicted the tenant and put it up for sale. We rolled that money and the sale of my wife's house into our current dream house that we have been in for over 20 years.

[KFC911]

If they ever want to relocate, I'll MAKE a vacancy happen . I've never raised rent on my tennants....I love it when they stay for years too...win, WIN (ME)....have even reduced the rent once, but you have the absolute best tennant ever.....awesome!

[Seahawk]

Originally Posted by BK911

Really playing long ball...

Perfect.

A good tenant is worth 20% of the value of the monthly rent...look it up.

It is a stat I just made up, so, wait a few minutes.

[KFC911]

LOL...20% easy....I have reliable sources too

[Shaun @ Tru6]

I do this all of the time, but in a different way. My anodizer was charging too little to do my frames so I added $100 to a set and told them they care too much and do too good of a job to charge what they have been.

I buy local restaurant gift cards for vendor's workers all the time if they go above above and beyond.

[craigster59]

A decorator I used to work with owned a 4 unit place in West Hollywood (rent control). He had a tenant in his 70's who had lived there since 1958. The guy was paying $450 a month on a unit that could have gone for $2,750 and the guy was a major PITA. Heck, he couldn't even write off the difference as a business loss. I think the guy finally died a few years ago.

[Shaun @ Tru6]

^^^ there's a guy who gets it. Craig sent me a case of syringes for my Cerakote work. Looking forward to meeting and taking him a nice dinner when I'm out in CA next year.

[look 171]

Originally Posted by craigster59

A decorator I used to work with owned a 4 unit place in West Hollywood (rent control). He had a tenant in his 70's who had lived there since 1958. The guy was paying $450 a month on a unit that could have gone for $2,750 and the guy was a major PITA. Heck, he couldn't even write off the difference as a business loss. I think the guy finally died a few years ago.

Prop 10 is gonna to fix that for the entire state. If that passes, the whole state is subjected to rent control and the icing on the cake is retroactive rent. That means the new tenant will pay the same, 450 bucks monthly and you can't raise rent to market rate. Maybe 3%. Yep, we are not business friendly, noe home home owner friendly.

2750 anywhere in West Hollywood is dirt cheap

[onewhippedpuppy]

Originally Posted by Shaun @ Tru6

I do this all of the time, but in a different way. My anodizer was charging too little to do my frames so I added $100 to a set and told them they care too much and do too good of a job to charge what they have been.

I buy local restaurant gift cards for vendor's workers all the time if they go above above and beyond.

I have a guy who does detailing for me when cars really need TLC. Always does great work, always gives me a good price because I have sent him a lot of business. He did an amazing job on the boat I purchased this spring, which is a lot more surface area than a car, then only charged me $300. I wrote him a check for $500 and told him that it was worth every penny.

[93nav]

Originally Posted by BK911

But now I can afford another case of beer a month!

You need to start drinking better beer......

[wdfifteen]

Count your blessings I have a tenant trying to get out of a lease one year and 3 months into a 10 year lease.

[dad911]

Originally Posted by BK911

.....
Really playing long ball and banking on the increased property value, and the fact it will be paid off soon.......

Higher rent increases property value.

[Superman]

Originally Posted by BK911

She's been there >7 years......

Long term good renters are worth.....

Originally Posted by Seahawk

A good tenant is worth 20% of the value of the monthly rent...look it up.

.....at least 20%.

[Zeke]

I rent a garage and I'm underpaying even after I raised my own rent. I don't want to lose it.