09/25/2026
One of my tenants has been living in this apartment longer than I’ve been alive (35+ years)...I inherited him when I bought the building four years ago.
And right now, I’m charging him about $300 less per month than I could probably get for the unit.
He pays his rent on time, takes care of the place, and he is a wonderful tenant. At this point, this has been his home for a very long time.
Could I raise his rent to market rate? Yes
But I think there’s more to being a landlord than getting every possible dollar out of a property.
That extra $300 a month probably means a lot more to him than it does to me. And I have no interest in raising his rent so aggressively that I potentially force a great tenant out of a home he’s lived in for decades.
Yes, there’s a business benefit to keeping a good long-term tenant. Less turnover, fewer vacancies, and someone you know will take care of the property.
But sometimes there’s a human benefit too.
I can make a good return on my investment without maximizing every dollar of rent.
Would you raise his rent to market rate, or leave it where it's at?
