Dallas-Fort Worth Nesties
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To the landlords out there...

1 more question about my little situation! Is it common for landlords to increase rent when the tenant wants to resign a lease? I know in apartments rent typically increases a small amount, but I wasn't sure if it was the same for houses. If he decides to increase we will definitely be moving.

Re: To the landlords out there...

  • We don't increase our rent -- the only time it goes up is if the tenant doesn't let us know they are terminating before the end of the year.  And then it goes up $100 a month in rent and goes month to month.
  • I do not think there is a right or wrong answer.  They have the right to do so if they chose.  But unless they have refinanced and their mortage has increased or if their taxes have I doubt they would. 

  • not a landlord, but a mortgage payer. i know our mortgage payment has varied sometimes depending on the appraised value and whatnot and it goes up and down, so its completely up to him/her if he/she decides to up it or lower it.
  • image come*on*baby:
    not a landlord, but a mortgage payer. i know our mortgage payment has varied sometimes depending on the appraised value and whatnot and it goes up and down, so its completely up to him/her if he/she decides to up it or lower it.

     

    Well in that case I can hope that he decreases it! LOL the value of the house dropped quite a bit from the 07 appraisal to 08.

  • If he does try to raise it, I'm sure it is negotiable.  We are even able to negotiate the raise in rent with our apt. complex, so I'm sure dealing with an individual landlord you would have even more leeway in that regard.  If you have been a good, paying tenant he should want to hang on to you!
  • Keep in mind too -- that more than likely your rent (although it is wayyyyy high, girl!  Can I say again that I can't believe you're paying that much?) doesn't cover all of the expenses of owning the home.  Even if the rent we charged covered mortgage, insurance, and HOA fees (which it doesn't...but hypothetically), we still have an additional warranty cost each month, maintenance we save for, and then the occasional large maintenance cost that the warranty doesn't cover and we don't always have enough in savings for.

    Example:
    Shortly after the tenant moved in, we had to replace the valves in one of the bathrooms -- two trips to get it right with two different contractors -- for a total of $750.

    This summer we had to fix the a/c -- we paid $650 out of pocket for our warranty deductible, haul away and replacing the cooling pad -- not covered by our warranty, but they picked up the other almost $2k in expenses.

    A month later, we had to replace the valves in the OTHER bathroom at an expense of $365.

    Just this last week, we had to put in a new furnace -- it was not covered by our warranty at all, and so we had to find a scratch and dent with a warranty and that still cost us $1300 out of pocket.

    So, in just a few short months we've spent almost $3k in maintenance expenses.  The furnace and a/c couldn't be avoided, but the expense for the valves went up exponentially b/c the tenant was using a HAMMER to turn off the knobs in the showers fully (we found out about this later from a neighbor) and caused additional damage.  We covered it, she honestly had no idea it was retarded to use a hammer to turn off the shower knob completely, but if we weren't evicting her, we would most likely factor that into our decision on whether or not to keep her rent the same.  She was just rough on the property.

  • What Sarah said. Even if they're in a fixed mortgage, there are lots of home costs that ARE going up, so they'd be justified in raising it.
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  • We usually always have to increase our rent some because our unit is in Dallas County and they always hike up the property taxes on us.  Another factor is if the HOA dues are increased.  We don't increase the rent just because we want to up pretty much every year we have had to raise it about $50 to keep up with expenses.
  • Thanks, everyone. I contacted my landlord & he is going to do some "research on the market" and get back to me. A $50 increase wouldn't be bad... but of course I'm hoping for no increase.

     Anywho...thanks for answering my question! We decided we prob won't move unless he for some reason increases the rent a significant amount. We've been very good tenants...I actually pay rent early, and we haven't had any problems we've needed to go to him about. So we shall see.

  • Oh lordy -- to have a tenant who pays early!!  :)

    If you ever want to move to Atlanta, GA -- I've got a condo with your name on it!

  • image MrsB2007:

    Oh lordy -- to have a tenant who pays early!!  :)

    If you ever want to move to Atlanta, GA -- I've got a condo with your name on it!

     LOL! I'll remember that!

  • We only raise the rent to keep it in line with the market, if need be. If it's a really good tenant that we want to keep we try to minimize the increases though. EX: Our Dallas house has been rented for about $200 below market and we just raised it for the first time in 2 years, $75 (and dropped yard service). We take a loss in cash flow, but we come out ahead on paper every year so we just wanted to decrease the loss.

    On our other property we keep it low if tenants are good and they sign a longer lease (18-24 mos) but we still try to keep it in line with the market. If rentals drop too far below market value then tenants tend to take worse care of a place, which is another reason for raising rent.

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