Posted by
housed
13 yrs ago
Our current tenant has just left and we are in the process of renting out our flat. Lots of interest right now (it's a 3-bed 2 bath flat in Midlevels, only 800 sq ft but highly efficient) but we would like to choose a "good" tenant.
Last night we showed it to someone we thought was quite good, but he asked for quite a steep discount - 20% off the asking price which we already priced to market (i.e. the same flat 7 floors below us is asking the same price).
Just curious for those seasoned landlords out there, how much would you be willing to discount for a good tenant?
Also, what do you consider to be a "good" tenant?
(I know everyone's definition of "good" might be different, but just interested to see what factors might be taken into consideration.)
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This is a landlord's market. I would not offer any discount to market, unless they were renewing a lease and have shown themselves to be good tenants. On paper it dun mean nadda. Hold out for what you want. Too many potential tenants and not enough good flats.
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Milty
13 yrs ago
Housed: you don't know they're a good tenant until they've been your tenant for 1-2 years. Do not discount the rent.
I've had my tenants for 2 years and becacuse they're so good, I'm not increasing their rent this year. I could get 20% more but I choose a good tenant over more money.
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Thanks for everyone's advice. You're right, a truly good tenant is one with a proven track record.
Anyway, we ended up offering him a 10% discount off the asking price and he just moved in this past weekend! Hopefully our instincts are right and he'll prove to be a trouble-free tenant.
(@walkup, the last rental transaction in our bldg for a similar sized flat was a couple of months ago and it was close ($500 less) to our final price. So maybe we didn't discount so deeply after all - or maybe the other landlords are just a bit too greedy!)
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Good luck with that. I know having a tenant takes some of the worry off.
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