Tuesday 1 October 2013

New tenant update

My new tenant moved in towards the end of September. As the outgoing tenant asked to leave before the end of the lease, they agreed to pay rent up to the new tenant moving in - in the end there was only a couple of days gap so this wasn't a big issue.

On the plus side, the new tenant is paying around 6% higher rent. On the downside, there were a number of costs associated with the start of a new lease.

One thing noticeable this time is that wear & tear on the furnishings is becoming much more apparent. I think i'll have to budget for some repairs & replacements at the end of this new tenancy in order to maintain a rental income towards the top end of the market range.

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