But…. today, the 1st of the month, I got a call from my tenant, saying that they wanted to move out. They want to save up some money, and have decided that moving to a smaller space in a cheaper neighborhood was a good way to accomplish that. They’ll be moving out in 90 days, per the terms of my lease agreement.
I’m glad that I specified 90 days, instead of the more standard 60, for a few reasons. A) I’ll be out of town for part of this month, and won’t be available to show the apartment. B) There’s probably some sprucing-up to do before showings, and this way I’ll have time to do it. C) I have more time to figure out what I need to do to pull credit reports these days. Shortly after the last time I leased my apartment, the credit agencies stopped allowing landlords who work out of their homes to pull credit reports UNLESS they have a separate, lockable room for landlording (verified by an inspection from a credit agency). Sounds like a lot of work. Also, D) I don’t really know what current rents are. I have no idea if I can raise the rent, or if I’m going to have to lower it. How has the housing crisis affected the rental market, in terms of rental vacancies and market rents? If anyone out there has a good handle on this, please leave me a comment. I have some research to do.
Although I am not looking forward to finding new tenants (this is the part of landlording that isn’t necessarily “passive” income), I’m trying not to get too worried about it. Last time my tenants told me they were moving out, I actually cried. No, not in front of them, of course, but I was quite upset about going through the whole process again. But I’m more experienced now, and the apartment has been through several phases of improvements. I also have an ad all ready to go, so I won’t have to worry about composing that again. Things should go pretty smoothly this time around. Or at least so I hope.
New tenants, here I come!
- If you can't rent it, sell it
- The duplex disaster next door
- Refunding the security deposits. Mostly.
- The twenty-four hour maintenance marathon
- Preparing for the moving marathon
- The All-Important Lease
- My ad is up, I'm getting inquiries. I never realized that there were so many, er, interesting people in the world.
- Moving out notification (How my life changed when I opened my door this morning)