The lease on my house rental was expiring next month. Rental rates in my area have been going up rapidly. My condo rented in 1 day on the market last year. I plan to increase the rent on that unit next. Austin was rated by Forbes as America’s fastest growing city. See the article here if interested.
I was currently renting a 4/2.5 for $1600. I gave the tennants the option of renewing for 1 year at $1750 or 2 years at $1700. They offered 1 year at $1675 but I settled for a 1 year renewal at $1700. So I was able to get an additional $100/month or $1200/year rent. This will certainly boost my income.
I don’t expect a lot of real estate updates this year. I will be renewing the condo lease soon but my goal of refinancing my primary residence to around 3% may not happen. If you have noticed, interest rates are already on the climb. Bankrate has the 30-year fixed average at 3.74%. This is up from around 3.25% earlier in the year.
I plan to continue aggressively building my DG portfolio until it equals the value I have invested in real estate. Then I may start to pay off the condo rental or look for another rental property.