I've owned a duplex in Pittsburgh for the last 6 years.
It's a 100+ year old building which will always need some degree of improvements/upgrades.
I have never raised the rent on an existing tenant yet, the original lease terms "worked" financially for me but when there is a vacancy, I tackle the top items on the improvement/upgrade list.
Any new tenant, unfortunately pays for part of that work in the form of an updated "market rate" rent.
Right now that has led to the two units being priced radically different as the one unit looks nearly brand new while the other one is extremely dated and mainly in break fix mode as the tenant has lived there for ~15 years pre-dating my ownership.
It's not realistic for me to provide the same quality of living to a long term existing tenant vs a new tenant unless I want to ultimately displace the family with 15 years history.
I guarantee when the long term tenant leaves and I sink $20k+ into their unit, the next tenant will be "screwed" by comparison.
I welcome Federal regulation to some degree since it is definitely a "landlords market" right now but unless the government decides to buy me out, I have an obligation to make a profit else, the place will become uninhabitable.
followme_robot t1_j5utm10 wrote
Reply to New tenants are getting screwed by blondiebell
I can only speak to my experience.
I've owned a duplex in Pittsburgh for the last 6 years.
It's a 100+ year old building which will always need some degree of improvements/upgrades.
I have never raised the rent on an existing tenant yet, the original lease terms "worked" financially for me but when there is a vacancy, I tackle the top items on the improvement/upgrade list.
Any new tenant, unfortunately pays for part of that work in the form of an updated "market rate" rent.
Right now that has led to the two units being priced radically different as the one unit looks nearly brand new while the other one is extremely dated and mainly in break fix mode as the tenant has lived there for ~15 years pre-dating my ownership.
It's not realistic for me to provide the same quality of living to a long term existing tenant vs a new tenant unless I want to ultimately displace the family with 15 years history.
I guarantee when the long term tenant leaves and I sink $20k+ into their unit, the next tenant will be "screwed" by comparison.
I welcome Federal regulation to some degree since it is definitely a "landlords market" right now but unless the government decides to buy me out, I have an obligation to make a profit else, the place will become uninhabitable.