What is the fair percentage rate of increase in annual rent on a 2 bedroom, 1 bath condo in zip code 85715?

Asked by Bdcrowley, 85715 Sat Jun 2, 2012

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Helena Bigl…, Agent, Maricopa, AZ
Sat Jun 2, 2012
It depends on the rental market. How about the amenities? that is something to consider. Go to your local MLS and find out the similar comparable of your property, then you will determine if you should increase your rate. Increasing your rental condo's to high your tenant would look somewhere else. If it is a good tenant that is something to consider for the long term.
0 votes
Loren Hoboy, Agent, Phoenix, AZ
Sat Jun 2, 2012
Much of Arizona is seeing the cost of homes rising. Rental rates have not risen as fast as home prices in the most neighborhoods. Investor (your landlord) will want to get a fair rate of return on their investment and will raise the rent if they can to keep up with increasing house prices. If there are lots of other rentals in the area available, that will reduce what eh landlord can get.

To determine what is fair in your area, look on MLS/Realtor Rental Sites and on Craig's list for comparable rentals as if you were going to need to move. Check out a few. You can then tell what the market is doing in your specific neighborhood. If you and the landlord cant agree, then you can select another location to rent.

Keep in mind that if you have been paying on time and have been a good tenant keeping up the property, the landlord wont want to lose you. This may have the effect of lowering what he asks to less than he can get from a new tenant. You on the other hand save the cost and pain of moving, so it is in both of your best interests to work something out.

Good luck.
0 votes
Donna Moulton, Agent, Tucson, AZ
Sat Jun 2, 2012
The more important question is, how does your rent compare to the rents in similar condos? It's not clear if you are the landlord or the tenant, but either way, if your rent is already above market rate, increasing it 5% will be too much. If your rent is 10% below market rate, increasing it 5% might not be enough, at least from the landlord's perspective.

As a landlord, I leave my rents slightly below market value if I have a good tenant who's been in my property for more than a two years. That is more economical for me than to spend money on cleaning, touch up painting, advertising, vacancies, and my most dreaded task, selecting a new tenant.

When a tenant moves out, and I spend hundreds and sometimes thousands of dollars getting a property ready for a new tenant, in this market, it makes sense to raise the rent. My rental increases over the years have in some cases lagged behind the increased property tax, insurance, water bills and maintenance costs.
0 votes
Dave Stucky, Agent, Oro Valley, AZ
Sat Jun 2, 2012
It depends on the local rental market conditions. Compare your property to others that are the same or very similar in terms of location, amenities, age, etc. The rent should be commensurate with those properties. Rents should generally follow the market, be it up or down with consideration given for the quality and longevity of the tenant. If you would like information about the conditions in 85715, contact me. I'm happy to help.
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Jun 2, 2012
Fair!
I don'tbelieve that Renters will handle an annual increase very well;
I think the second time you hit them with an increase, you will have a vacancy to fill.
Probably better to have a good tenant in long-term.
Doncha think?
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