Woo Hoo! I just got the signed lease back from my tenant indicating she will be with me another year. I'm happy and a little worried all at the same time.
I'm happy that I get to keep her because she has been an excellent tenant. If she stays through the end of the new lease, she will have been with me for four years! As a first time landlord, I've been extremely lucky to get such a good tenant on my first shot. I've never had any problems collecting the rent and she only calls me for repairs when something major goes wrong.
I'm a little worried though because while we were discussing whether or not she would renew the lease, she asked if I could possibly lower the rent. She said she had been looking around for something a little cheaper but she was not able to find anywhere she would be comfortable living. She currently has an adult child living with her and he helps out with the bills. He will be moving out soon so she is worried that she won't be able to keep up with the bills after he moves out.
As much as I wanted to help her, I told her that I couldn't afford to lower the rent but in order to keep her, I would be willing to leave the rent the same instead of increasing it. She was okay with this and agreed to the new lease.
I'm crossing my fingers that we will have another year of on-time rent payments.
A plight of many landlords during these tough economic times. Kudos for making a 'concession' but keep in mind you are the lucky one. Good tenants are hard to find.
SGM,
Can you share how to find a reliable tenant? We are interested in renting out our house, but is worried something will happen to our rental property. I'd also like to know how you price your rent. Thanks!
You can make it. Keep faith.
Dreamfool: Since this was my first time as a landlord, I put out ads in the paper and put a sign in the yard. I met my current tenant and there was a nice vibe so I rented to her.
As far as rent, I checked other comparable properties in the area and determine the rent based on the average.
Congrats to you on keeping your tenant. We are first time landlords, as well, and lucked out on our landlords. Our insurance policy for getting good one is doing credit and background checks. Not that it's a sure thing every time but it does lead to some peace of mind.
Jerry