My current 12 month contract with my tenants ends in September but I would love them to stay on beyond this as they are great tenants. I would be fine about reducing the rent a bit to keep them, but how to I gauge what a reasonable price would be and even if I need to?? Any tips on how to approach this would be greatly appreciated. Thanks
as them do they want to let it roll over at the same rent
Ask your tenant what they want to do. Express you appreciate that they are good tenant and you are happy for them to stay and sign another fixed contract at the same rate or reduced rate. If they are not planning to leave, they might do so for a long term, but if they are planing to move, they might just want to ask for monthly rolling and keeping their options open. You don’t have any control over whether they want to stay or not. People’s situation/priority might change after the fixed term contract.
As for rental value, somewhere on the OpenRent site you can provide a property description and it will give you a spot value (high in my experience) and a range that seems realistic, so you can use it with your view on where you might fit into that band.
Thank you, good advice.