Is it time to raise the rent , its been six years?

Question

with no rent hike but its getting harder and harder to pay the bills should I raise it and how do I break the news they are family friends

Answer 1

Look at what similar rentals are going for in your neighborhood and price your by those.  If they have a lease you will not be able to raise the rent until it is time to renew the lease. When you tell them you are raising the rent, state that it is because you are having a hard time getting by. Or instead of raising the rent you can not make the gas bill,  heat bill water bill, etc the responsibility of the tenants. Plus 6 years with no increase, those people should be very grateful rent usually goes up every year.

Answer 2

Do you feel they are paying fairly for what they are getting?

Also, depending on what kind of contract you had them sign (and if they didn't sign one) then changing the rent gives them legal cause to vacate the property with no repercussions. IE: They can leave if you raise the rent.

Answer 3

Do you mean its harder to pay the bills for the rental property? If so, give them the option to increase rent or pay one or more of the rental bills that you are paying now.

Answer 4

Never rent to family, friends or family friends.

That said, you need to keep your rent in line with your rental market.

If similar properties are renting for more than yours, you need to raise the rent.

Research your rental market and raise the rent accordingly.

If your tenants cannot find a better maintained place for less than the increase, they will be less likely to move.

Rent should be increased yearly, even if it is only a small increase, to keep up with the market and operating costs. Six years is a very long time to go without an increase.

Answer 5

raise it and let them know that they're will be yearly rent raises

or

you could tell them you have to raise the rent a lot i mean a lot then ask them what they can afford it might work do not tell them how much let them come up with a figure

might work might not