Mexico City apartment: raise MX$42,510 rent or prioritise a reliable tenant?

FinnDale

Homeowner
Established
Founding Member
Self-managing this Mexico City apartment was straightforward until I moved farther away. The tenant pays about MX$42,510 reliably and takes good care of the home, while comparable asking rents appear close to MX$54,000.

I’m deciding between a modest increase and pushing nearer the advertised market level. Turnover could mean vacancy, refurbishment and more remote coordination. How would you frame a fair rent discussion while observing local notice rules and preserving a good tenancy?
 
I would not treat MX$54,000 as automatically achievable just because it appears in listings. A reliable, careful tenant has measurable value when you manage from a distance. Start with a smaller adjustment supported by genuinely comparable apartments, while first confirming what the lease and current Mexico City rules allow regarding timing, amount and notice.
 
A few missing facts matter: When does the current term end? Are the MX$54,000 comparisons actually similar in condition, size, parking, furnishings and included charges? Also, how long do comparable apartments remain available? Asking rent without likely vacancy time is only half the calculation.
 
I agree that listing prices need testing, but I would not overvalue retention either. The difference is MX$11,490 per month, so it is large enough to investigate seriously. Estimate a conservative achievable rent, then deduct vacancy, preparation, marketing, administration and travel. That gives you a better ceiling for any retention discount than simply choosing a “modest” figure by instinct.
 
Maintenance history belongs in that calculation too. If this tenant reports problems promptly and has kept the apartment in good condition, a replacement may create more oversight than the rent comparison suggests. I’d ask about their plans before proposing anything, address outstanding maintenance, and then give a clear written proposal with enough time for discussion.
 
One caveat: I would keep repairs and the rent increase separate. Necessary maintenance should not look conditional on accepting a higher rent. Arrange an agreed inspection if appropriate, document the condition, complete anything outstanding, and base the rent discussion on the tenancy terms and credible comparisons rather than on repairs you were already responsible for handling.
 
Before naming a figure, have someone familiar with current Mexico City tenancy requirements check the contract and proposed notice. The permitted timing or wording may depend on the agreement and circumstances. I would also avoid casually changing or “topping up” the deposit alongside the rent; confirm how any deposit adjustment must be handled and record it separately.
 
Put three scenarios in a simple sheet: remain at MX$42,510, agree a moderate increase, or re-let at a conservative figure below or around the MX$54,000 asking level. Against re-letting, include every empty month, cleaning, repairs, advertising or intermediary costs, administration and your own travel. Be explicit about whether a vacancy month is valued at the old rent or expected new rent, because that assumption changes the break-even point.
 
Maria’s comparison also needs a probability attached to each outcome. A proposed increase may be accepted, negotiated or trigger departure. Payment records and maintenance history can help you decide how much certainty is worth. I’d approach the tenant with one defensible proposal and room for a counteroffer, rather than opening at MX$54,000 merely because that is the advertised market.
 
That seems the balanced route: verify the legal timing, validate the comparables, calculate a full turnover cost, and then offer the existing tenant first opportunity at a figure supported by those numbers. If they counter, compare that offer with the net—not headline—return from re-letting. It keeps the conversation respectful without assuming retention must win at any price.
 
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