San Diego Housing Market News and Analysis
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Submitted by Escoguy on July 7, 2018 - 9:01pm
So I have a lease ending. Current tenants have been fine (two years) but recently started to comment on things which needed improving.
I offered to extend the lease and also wanted a 4.6% rent increase after a year without an increase from $3250 to $3400 and take care of all the items mentioned including new flooring. This may be a little below market as there is solar on the house which provides $250/month in value included in the rent.
4BR/3B, 2600 sf SFH in 92027 built 2000, freshly painted outside/inside with new flooring and in gated community with pool access.
Needless to say, the tenants needed about 2 weeks to tell me they didn't want to stay due to the rent increase. They seemed to be dragging the decision and I don't think they made any comparison with the market.
Listed today for $3450 and will likely have new tenants move in after upgrades with only 5-6 days of lost rent. Spoke with one today.
Needless to say, while I know money is important and this is a business, I can't help but have a feeling that the communication could have been better and that perhaps the current tenants could have stayed. That being said, having to ask multiple times about what their plans are was somewhat off putting. I guess I'm just grappling with balancing self interest with having somewhat longer term tenants. Thanks for listening.
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