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But would you replace the perfect tenants if it meant you could charge higher rent?
Before doing anything you should consider what the costs will be of changing tenants, and how much less your tenants are paying than the market average.
If for instance you think that you could be getting an extra $20 a week, consider the turnover fees such as advertising for new tenants, paperwork, repairing any damage or possibly being left with a vacant period between tenants. Would the extra $20 over a 12 month lease period cover these costs?
Also worth considering is whether there is anything your current tenants are doing that could be saving you money. For example, they may be doing all their own gardening or helping to make repairs.
After you have considered all of the possible costs and factors involved in changing tenants, you then need to have a talk to your property manager to find out about all of the laws and restrictions involved in raising rents and switching tenants.
At the end of the day it might not be worth those extra few dollars each week if you have a tenant that you are completely happy with, but if there is a large discrepancy between what your tenants are paying and the market rate, then perhaps you should consider raising the rent or getting new tenants in.
If you have any questions about your rental investment property then please feel free to get in touch.