Many duplex owners who bought at the height of the market in 2004-2007 have spent the last decade waiting for the time when their property was worth as much or more than they paid for it. And that time has finally come.
And while that’s one of the themes I’m finding with recent appointments, it’s not the one that stands out the most.
It’s the fact that time and again, these very same owners who have struggled so long to stay afloat are charging far less than market rent! In several instances, simply following my suggestion to raise rent closer to the market rate meant more than $500 per month more in the owners pocket!
More importantly, perhaps, these duplexes finally became the great investment their owners were hoping for when they bought them years ago.
Keeping the rent you charge at or near market rate not only helps your peace of mind as an owner, but remember, it also plays an important role in what your duplex is ultimately worth. After all, it’s an income property, and its value is determined, in part, by the amount of money it generates!