I'm a little torn, they have been great tenants so I want to do right by them. But if the property is worth a certain amount per week I should be entitled to receive it, afterall I did invest a significant amount of money for that privilege.
Also If I don't rise it by much now, and not by too much next time etc etc then the gap between what I am receiving in rent and what I should be will just get larger and larger. The specific reason I purchased this property was to create positive cashflow to help support us as we start our family.
you raise the rent you may loose a very good tenant! I know if my landlord was the raise the landlord by that much i could consider moving especially for that large a increase. are you thinking 60-80 per week, fortnight, month?
that is a huge increase and i certainly would seriously consider moving. You should look after great tenants!
Yes, Thats a week hence why I'm worried it's too cheeky.
I wonder though whether they would want to move given they would only be paying the same amount for another 4 bedder and they have pets with them.
I believe that you can only raise it by a maximum percentage at one time, I'm not sure what the percentage is but it's not that much. I'm in vic too so may differ state to state.
The NSW info I've found doesnt indicate a % but I'll be sure to double check with my Property Manager. Thanks
You should have researched rents before you signed the first lease.
What do you mean? If you mean researched the rents to set an initial rate? If so I did and when the tenants moved in 9 months ago I had already priced the rent quite high ($15p/w more than the highest quoted by different RE agents). If you mean reserached what rents will do, I knew they would go up quite nicely but they took off a little quicker then I expected.