A small update has made the decision less straightforward: the tenant has now been there 74 days, pays £2,014 reliably and has taken good care of the condo. Nearby Manchester listings are around £2,262, but I am not convinced advertised figures alone justify closing that entire gap.
Replacing the tenant could mean an empty period, reletting costs, deposit administration and work between tenancies. The maintenance history matters as well; a known tenant who reports issues sensibly has a value that is easy to overlook.
Would you first look for evidence of recently agreed rents and then compare a modest rise with the likely cost of vacancy? I am also considering an informal discussion before following the notice procedure required for the tenancy.
Replacing the tenant could mean an empty period, reletting costs, deposit administration and work between tenancies. The maintenance history matters as well; a known tenant who reports issues sensibly has a value that is easy to overlook.
Would you first look for evidence of recently agreed rents and then compare a modest rise with the likely cost of vacancy? I am also considering an informal discussion before following the notice procedure required for the tenancy.