Can you reduce my rent please?
Updated: Dec 29, 2019
Often times I have had tenants ask me for a rental reduction. One request I recall recently was because the tenant felt she could get something similar for the same price. She also reminded me that she was a great tenant, and we were lucky to have her in the first place. I did not disagree with her, as she was right on both points.
I simply reminded her that the property was marketed on the open market for rent. She viewed the property at an open home, and all things considered, she applied for the property with the hope to be the successful tenant.
The property has not changed since she has been there, so why would we need to reduce the rent?
I also added that if there was a similar property in the same area, for less rent, then a tenant would take the cheaper property. Essentially calling her bluff, as she didn’t want to move across the road. The reason why her rental was more then the other one is because it was fully furnished.
It is important to separate yourself and the tenant from the issue and make it seem like you are working with them on the problem. A fair and reasonable explanation and making people feel like they count are the simple ingredients to good relationships. If people feel they were dealt with in a fair and reasonable way, these discussions will not come up often.
Are you getting market rent? Most landlords have had the same tenant for years, and are afraid to increase the rent because they have a strong relationship with their tenants.
But when the tenants finally move out. I often find that a lot of repairs and maintenace has gone unreported as the tenants we’re afraid the landlord would increase the rent If they complain.
Would an extra few dollars help with maintenance when they finally move out? You can separate yourself from the matter, and let me do it.
Feel free to call me, or send me an email. I’d love to hear from you.