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How to Raise Rent Without Losing Good Tenants

2026-06-08T19:45:55Z

I had to write the letter every seasoned housing provider hates to write: the one where we tell a great tenant that we have to raise the rent.

Honestly, I’m no different than countless landlords. We hate turnovers. And we’d rather charge a tenant who pays on time and is respectful and kind less than get more money from another tenant.

The irony is that the goal of owning an investment property is to achieve financial health. When taxes and insurance go up by double digits we have no choice but to raise it.

Of course, that always comes with a lot of fear. What if they move? They’ve been there a long time. How much will a turnover cost? How long will it take? What if I get a terrible new tenant?

That’s when I have to remind myself. If I raise the rent correctly, most good tenants stay. The ones who leave were probably going to leave eventually anyway.

What should you do?

Market research. I plug the property address into rentometer.com to see what properties of comparable bedrooms and size have rented for in the area. I do the same on Facebook Marketplace, Zillow rentals, the MLS and even Craigslist. I compare the condition and amenities of what’s available with mine, and calculate what I think the going rent for a market-rate rent might be. Trust me. Your tenants are well aware of any gaps.
Increase to just below market rent. Some experts will tell you to increase rent to market rate. I have a slightly different opinion. If I keep the rent just below that amount, they won’t compare my property to others. For example, if market-rate rent is $1700, I may raise mine to $1600 or $1650, depending on the amount of competition I have. I try to land at a number that would prevent someone from going through the hassle of renting a truck and paying for enough pizza and beer to persuade friends to help them move.
Provide enough time. You can’t raise rent in the middle of a lease. For residents who are month-to-month, Minnesota requires a minimum of 30 days notice. Personally, I would want more notice, so I do my best to let them know 60 days in advance.
Be clear and concise. While some explanation helps soften the blow (increased insurance rates, etc.), there is no need to go on and on. Clearly state how much the rent is going to be and the date on which it’s effective. I also always try to let them know I appreciate their residency. I also let them know I’m available to answer questions.

An investment duplex is a business, not a charity. While we value our good tenants, they understand we need to cover our costs too.

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5 Reasons Your Tenants Probably Won’t Buy Your Minneapolis Duplex

2026-06-02T16:41:34Z

Sometimes it seems like all of my clients have the same idea in the same year. Sometimes that’s buyers all wanting space to add another unit. This year it’s long-term duplex owners who are thinking about selling their property to one of their tenants.

I get it. It sounds like the perfect solution. The seller doesn’t have to go through the hassle of getting the property ready to go on the market, and the tenant gets a shot at a property long before it hits the market.

Here’s the truth. After years of working with duplex, triplex and fourplex owners in the Twin Cities market, I can tell you most of the time it doesn’t work out.

Here are five reasons why.

The Tenants Don’t Know How. The owner comes to them with an off-market deal. Perhaps the buyers haven’t even thought about buying a property, let alone explored the process. Off-market often means Realtors won’t be involved, so they don’t know where or how to begin, and what to do once they have.
They Don’t Have the Down Payment. Many buyers and sellers don’t understand they don’t need a 20-25% down payment to buy a small multifamily property. The truth is, owner-occupants can buy a duplex with as little as 0% down if they’re a veteran, or 3.5% down with an FHA loan. While this seems reasonable enough, the fact is, many people simply don’t have it.
Their Credit Doesn’t Qualify. The tenants were screened when they moved in. That may have been years ago. A lot can change. Medical debt, a divorce, a job loss, a co-signed car loan that went sideways. Even a score that looks passable at 660 can disqualify a buyer from financing terms.
They Don’t Actually Want to Be Landlords. Being a tenant in a duplex is very different from owning one. When you ask your tenants if they’d be interested in buying, many will say yes: because the polite answer is yes, because they don’t want to move, because they haven’t thought through what ownership actually means. But interested isn’t the same as committed. When the reality of landlord responsibilities, property taxes, insurance, and maintenance reserves sets in, the enthusiasm frequently fades fast.
They Can’t Close on Your Timeline. Last year a long-term duplex owner called me in a crisis. Their tenant had agreed to purchase the property. The owner was confident the sale would go forward and did a reverse 1031 exchange. Three weeks before closing date, which was also the exchange deadline, the tenant backed out. The fact is, tenant purchases almost always take longer than arms-length sales. And if they fall apart, the relationship between them and their landlord may be awkward or worse yet, adversarial.

If a duplex goes on the open market, the tenant can still buy it. Listing it, however, helps a seller stay on track with their goals and not waste time on a would-be buyer who may not perform.

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What Is Stagflation? And Why Should Duplex Investors Pay Attention?

2026-06-01T17:24:28Z

While listening to Marketplace the other day, I heard the word “stagflation”. And it wasn’t in a historical context. It was actually labeled as a possibility for the U.S. later this year.

What is stagflation, anyway?

No, it isn’t inflation during hunting season.

Stagflation occurs in the economy when two or more negative economic problems that shouldn’t appear together show up at the same time. For example, stagflation usually sees high inflation, stagnant or shrinking economic growth and rising unemployment.

Normal economics says that when prices rise, the economy is running hot and people are spending freely. And when growth slows, prices stay flat because demand dries up. Stagflation breaks both rules. It’s a rare but serious economic condition where three negative trends hit simultaneously: prices rise, a significant number of people are out of work, and the economy either stops growing or barely crawls forward.

The last time we experienced this was the 1970’s when the OPEC oil embargo caused prices to rise, inflation to hit double digits, and interest rates to follow suit.

What is causing economists to talk about it now?

The Bureau of Economic Analysis revised fourth-quarter 2025 GDP growth down to a meager 0.7% annualized rat. This is well below what most economists consider healthy growth. At the same time, the Fed’s preferred inflation measure, Core Personal Consumption Expenditures, is running at 3.1% year-over-year. This is meaningfully above the 2% target. Finally, unemployment ticked up to 4.4% in February, triggering the Sahm Rule recession indicator. (The Sahm Rule states when the national unemployment rate rises by half a percentage point (0.5%) or more above its lowest point from the previous 12 months, the U.S. is almost certainly already in a recession.)

Economists also point to “sticky inflation” around essentials like food and fuel as a key warning sign. These categories are less sensitive to interest rate hikes, making them persistently expensive. When consumers are forced to spend more on the basics, they cut back everywhere else. That ultimately slows economic growth while making inflation even more painful.

What impact does stagflation have on real estate?

Mortgage rates rise. Wages lag. So there’s less buyer demand and those that remain have more negotiating power. Properties tend to be on the market longer. However, stagflation doesn’t automatically mean a price crash. Many sellers choose to wait things out, meaning there are fewer duplexes for buyers to choose from, Less inventory helps keep prices up.

What about investment property?

Real estate investments tend to outperform stocks and bonds during stagflation, particularly when you’re leveraged with fixed-rate financing. Your loan balance stays the same while inflation causes everything around it to inflate. Rents rise with inflation, while new construction slows due to increased costs. This means investors can see higher returns on real estate than in other asset classes.

If you’ve financed your property with a fixed rate mortage, have reserves and are in a good location, a duplex is one of the best hedges you can have. However, you may also want to make sure you do adequate tenant screening, and familiarize yourself with eviction laws and procedures in your city. As tenants struggle, they may fall behind on rent. If you don’t already have one, you may want to find an attorney who specializes in evictions.

Let me know if you need a name.

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Twin Cities Suburban Duplex Sellers Are Winning (But Expiring Listings Signal a Warning)

2026-06-01T15:56:05Z

No matter where you go in the U.S., the suburbs always have a different personality than the major metropolitan area they surround. That’s certainly true in the Twin Cities, and this month, even more so in the duplex market.

The suburbs tallied 27 sold properties in May. That was the most since August, 2022. Sellers obtained prices that were 99% of their original asking price. The month’s average sales price was a healthy $459,152 and the median $470,000.

Robbinsdale and New Hope lead the way with 4 sales each, followed by Columbia Heights with 3. A Medicine Lake 6 bedroom, 4 bathroom duplex just one house from shore topped suburban sales in May at $670,000. A 4 bedroom, 4 bathroom Farmington up/down side-by-side in need of heavy cosmetics was the value-add play at $205,000.

Sellers spent an average of 33 and median of 36 days on market before selling. When counting any time from a previous time listed, the cumulative average grew to 59 days and median to 47.

May saw the 7 counties post 41 new listings. That was the largest monthly total since June 2022. In all, there were 63 active listings for suburban shoppers to choose from. Brooklyn Park lead the way with 3 new listings. Columbia Heights and Fridley each added two.

Norwood-Young America offered a value-add opportunity with a 4 bedroom, 3 bathroom triplex listing at $230,000. A Coon Rapids townhouse-style fourplex with 8 bedrroms and 4 bathrooms topped the market at $750,000.

In all, the suburbs had just a 2 month supply of inventory in May, which heavily favors sellers.

It’s strange then that expired listings, those that left the market without selling, saw a spike. For the past decade, these have been a quieter market measure as there have been so few. Last month, however, the suburbs saw 28 . This was the highest total of the year.

If you’re thinking of selling your duplex, triplex or fourplex anywhere in the 7 county area or beyond, give me a call. I’d be happy to help.

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Is Now a Good Time to Buy or Sell a Minneapolis Duplex? The Answer Might Surprise You

2026-05-27T20:30:10Z

Every week someone asks me the same question: “Is now a good time to sell my duplex?” Or, “Is now a good time to buy a duplex?” And every week I give the same answer: I don’t know — and neither does anyone else.

Here’s the truth about selling a duplex, triplex, fourplex, or even a single-family home. You cannot time it perfectly. Not even close. The market doesn’t send you a calendar invite when it peaks. Interest rates, buyer demand, inventory levels, local employment all impact the real estate market. And these forces are always shifting, and no one has a crystal ball accurate enough to call the exact top. Or bottom.

The only people who “timed the market perfectly” are the ones looking backward. In hindsight, every peak is obvious. In the moment, it’s just noise.

What you can do is make a smart decision based on where you are right now — your equity position, your cash flow, your portfolio goals, your tax situation, and where you want to be in five or ten years. That’s not timing the market. That’s strategy.

Waiting for the perfect moment often means waiting forever — or worse, riding the market down while you hesitate.

Sell when it makes sense for you. Buy when the numbers work. The rear view mirror is great for learning. It’s a terrible way to drive.

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St Paul Duplex Market Report: One Surprising Data Point, and Why It May Not Mean What You Think

2026-05-27T20:24:20Z

A single good measure is no more an indication of the St Paul duplex market than a single bad measure. I have to remind myself of that from time to time; that a trend is something that emerges over a longer period of time and sets, rather than isolated numbers.

For example, last month the St Paul duplex, triplex and fourplex market saw 22 sellers close on the sale of their the sale of their properties. This was up from 15 in March, and roughly the equivalent to the 23 that sold in April one year ago.

However, those 22 sellers realized a price at closing that was just 93.9% of their original asking price. That was the lowest ratio in over a decade. Again, it’s important to remember that last month is was 98.6% and the month before 99.1%. So as of now, it’s a moment, not necessarily a movement.

April’s St Paul sellers achieved an average closed price of $388,419 and a median of $347,500. The average was lower than last month’s and the median higher. Again, both numbers are snapshots of a month, not documentaries. Small multifamily properties spent an average of 93 days on the month before selling. When counting the days on market for those that had previously been offered for sale, removed from the market, and relisted, the number swelled to 130. Median days on market was strangely, 67, and the median cumulative 103.

The month’s top seller wasa greater east side, 8 bedroom, 4 bathroom fourplex that grossed $67,200 per year and closed for $650,000. An updated 4 bedroom, 2 bathroom house conversion in Dayton’s Bluff was a value buy at $184,900. The West Side neighborhood lead the way with 5 sales, followed by Dayton’s Bluff and the West Seventh neighborhoods with 3 each.

April saw 56 new small multifamily properties be listed for sale in St Paul. This was down 7 from one year ago and 1 from March. However, the total number of active listings available for purchase remained somewhat elevated at 117; up 23.2% year over year.

A Merriam Park/Lexington area 8 bedroom, 4 bathroom fourplex topped new offereings at $849,999. A fire-damaged Payne-Phalen house conversion duplex with 4 bedrooms and 2 bathrooms offered a major rehab project for $125,000.

The winner for the month’s most new listings was the Merriam Park/Lexington neighborhood with 9. Payne-Phalen neighborhood finished a close second with 8.

If no new duplexes, triplexes and fourplexes came on the market from today forward, at our current rate of sales it would take 5 months before we were sold out. Generally, that’s considered a hallmark of either a market that slightly favors sellers to a balanced market, where both buyers and sellers have equal negotiating power.

If you’re in the market for a St Paul duplex, triplex or fourplex, or have one you’re thinking of selling, give me a call. I’m happy to help.

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8 Ways to Sell Your Minneapolis Duplex Today Without A Tax Bill

2026-05-27T18:58:36Z

If you own a Minneapolis duplex, triplex, or investment property that’s appreciated in value, the 1031 exchange is the most powerful tax tool available to you. It allows you to sell an investment property and defer your capital gains tax and depreciation recapture by reinvesting the proceeds into like-kind replacement property. Used strategically over time, it is how serious investors compound wealth without the IRS taking a cut every time they reposition.

But a 1031 exchange is not a single strategy. There are may distinct ways to use it, each suited to a different investor situation, goal, and risk tolerance. Here is what each one does and who it’s for.

And a reminder. I am not a tax professional. You should definitely speak with yours, as well as someone who is a specialist in these types of transactions, like a qualified intermediary.

First, let’s review the basics. Several rules apply to all 1031 exchanges:

45-day rule: You have 45 days from closing on your relinquished property to identify up to three replacement properties in writing.
180-day rule: You must close on the replacement property within 180 days. No extensions.
Qualified Intermediary: A third-party QI must hold the proceeds between transactions. If the money touches your account, the exchange is disqualified.
Equal or greater value: To defer all gain, you must reinvest in property of equal or greater value using all equity. Cash taken out (“boot”) is taxable.
Investment use only: Both properties must be held for investment or business use. Personal residences do not qualify.
Depreciation recapture: Recaptured depreciation defers along with the gain — but it does not disappear. It follows the replacement property.

8 Possible Strategies for a 1031 Exchange

1. Standard Exchange Into Another Investment Property – Sell your investment property, roll 100% of the equity into a replacement property of equal or greater value, and defer all capital gains and depreciation recapture. Upgrade, consolidate, diversify, or shift markets. Repeat the process indefinitely. Heirs who inherit the property receive a stepped-up basis — making the deferral potentially permanent. This is the core tool that all other strategies build from.

2. Buy First, Sell Second (Reverse 1031 Exchange). When considering doing a 1031 exchange, many people worry they won’t be able to find an acceptable replacement property in the 45 day timeline. In a standard exchange you sell first and buy second. A reverse exchange flips that sequence — you acquire the replacement property before selling your relinquished property. An Exchange Accommodation Titleholder (EAT) holds the new property on your behalf until you close on the sale of your existing property. You then have 45 days to identify the property you’re relinquishing and 180 days to complete the sale.

3. Personal Use Transition- Exchange Into a Vacation Property. You can exchange into a vacation property and eventually convert it to personal use — but only after satisfying the IRS safe harbor rule. Basically, own it for 24 months, rent it at fair market value for at least 14 days per year, and keep personal use under 14 days or 10% of days rented per year. After that window, you may convert to personal use and potentially layer on the primary residence exclusion upon eventual sale. Depreciation recapture is still owed regardless.

4. Family Wealth Transfer – Exchange Into Properties for Your Kids, Then Sell Them to Them On A Contract. If your kids are having a hard time affording a home, or they want to be investors themselves, there’s a solution that’s great for you and them. Sell your property and exchange into one or more homes or rental properties that your kids want to buy. They acquire property without bank financing. You receive monthly income. Done at fair market value with independent appraisals, this is a legitimate multi-generational wealth strategy. Make sure you speak with tax and 1031 professionals before, during and after the transactions. The related-party nature can draw IRS scrutiny. It’s important that every step must look exactly as it would in an arm’s-length transaction.

5. Seller Financing Exit. Sell Your Investment Property on Contract for Deed. If your kids don’t want or need property, there’s no reason you can’t be the bank for a buyer. This is not a 1031 exchange. It’s an alternative. Sell the property to the buyer on installments, where you’re the bank. You report the gain as you receive it, and spread your capital gains tax over multiple years. You act as the lender, collect interest income, and maintain security interest in the property. Fair warning: depreciation recapture is fully taxable in year one regardless of payment structure. Best suited for investors who want income, not reinvestment.

6. Passive Income Path. 1031 Exchange Into a Delaware Statutory Trust (DST). If you’re an accredited investor, meaning you either have a net worth of $1 million or more excluding the value of your personal residence, or you have an annual income of $200,000 or more, you may qualify to exchange into a DST. In this model, you exchange into a fractional ownership interest in institutional-grade real estate. Think bigger commercial properties like apartment complexes, medical office, industrial facilities, which are held inside a Delaware Statutory Trust. This model is fully passive: a professional sponsor manages everything. You receive income distributions and depreciation pass-throughs. The downside is they aren’t liquid. Your money is typically tied up for 5-10 years; even if you pass away.

7. REIT Conversion- Contribute Into an UPREIT. This one’s complicated and as a result, more rare. In it, you contribute your appreciated property directly to the operating partnership of a publicly traded REIT in exchange for Operating Partnership (OP) units . You defer your capital gains, receive income distributions, and gain a path to liquidity: after a holding period, OP units can be converted into publicly traded REIT shares. This model is atypical for smaller property owners.

8. Exchange Into Mineral Rights (Oil & Gas). Believe it or not, you can actually exchange out of a rental property and into oil and gas mineral rights. The IRS has long treated mineral interests as real property, making them eligible like-kind replacement property under 1031. The result is a genuinely passive income stream — royalty checks with no tenants, no maintenance, and no property taxes. There are very specific rules to this, so again, it’s important to talk with a specialist.

Not every 1031 strategy is right for every investor. But it’s important to know a 1031 doesn’t necessarily mean you trade into a bigger property that will take more of your time and effort. There are other options.

None of these decisions should be made without a CPA who specializes in real estate and a real estate attorney, and a qualified intermediary. If you’re thinking of selling your Twin Cities area duplex, triplex or fourplex and would like a referral to one of these specialists, or to professionals who work in markets like DST’s or mineral rights, give me a call. I’m happy to connect you.

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The Lease Follows the Minneapolis Duplex, Not the Owner — What Every New Landlord Must Know

2026-05-20T17:34:04Z

One of the biggest surprises for new landlords is learning that a lease doesn’t belong to you. It belongs to the property.

A lease is what lawyers call a covenant that runs with the land. Plainly stated, that means when the property transfers to a new owner, the lease transfers too. Lock, stock, and every little clause the previous owner agreed to.

The moment you sign those closing papers, you step into the shoes of the prior landlord. Whatever deal they had with the tenant, that’s your deal now. Lower-than-market rent? Yours. A lease that runs for another 14 months? Yours. A provision letting the tenant keep three chickens in the backyard? Also yours.

Here’s the deal. You can’t amend a lease mid-term without the tenant’s consent. Period.

A lease is a contract. Both parties signed it. Both parties are bound by it. And a contract cannot be unilaterally changed by one side. Period. Not by you, not by the tenant — not without mutual written agreement.

If you want to change something in the lease, or increase rent, you must wait until the lease expires, then offer a new lease with updated terms. At that point, the tenant can choose to accept, negotiate, or move.

If you want to change a lease term mid-tenancy, you need the tenant to agree to it in writing. A properly executed lease addendum, signed by both parties, works. A text message probably doesn’t. A verbal conversation definitely doesn’t.

When you consider buying a property and inheriting its leases, best practices are:

Review every lease before closing. Ask for copies of all tenant leases as part of your due diligence. Read them carefully. If something looks wild, negotiate a credit with the seller or a remedy into the purchase agreement — before you close.
Introduce yourself, in writing, immediately. After closing, send each tenant a written notice with your name, your contact information, and where rent should be paid. Minnesota law requires this under Minn. Stat. § 504B.181. Fail to do this and you may not be able to collect rent or pursue certain remedies.
Wait out the lease. Unless there’s a lease violation or mutual agreement, your best tool for changing terms is patience. Let the current lease expire. Then negotiate new terms with the tenant or find new tenants if needed.

If a tenant is on a month-to-month arrangement, you have more flexibility. In Minnesota, a landlord can change the terms of a month-to-month tenancy with proper written notice. This is typically one full rental period in advance. So if rent is due on the first, you’d need to give notice before the first of the month prior to when the change takes effect.

That applies to raising rent or changing policies. It’s important to do it write. Provide written notice, time it property, and make sure any changes comply with city ordinances and state law.

Buying rental property is exciting. But inherited leases are inherited obligations, and the law is not on your side if you try to steamroll through them. The tenants who were living there before you closed have rights. Those rights don’t disappear because you’re the new owner.

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Minnesota Gave Landlords One More Tool for Dangerous Situations

2026-05-23T22:22:27Z

If you own a duplex, triplex, or fourplex in Minnesota, here’s a law the state legislature just changed that’s worth knowing about before it takes effect August 1.

The new law expands the circumstances under which you can request an expedited eviction hearing and increases the penalty for people who abuse the process.

What’s an expedited eviction hearing?

Minnesota law already allows housing providers to request a faster eviction hearing rather than waiting the normal amount of time when a tenant:

Violates the drug/controlled substance statute (504B.171)
Seriously endangers the safety of other residents
Intentionally and seriously damages the landlord’s or another tenant’s property

An expedited hearing gets you in front of a judge in five to seven days from when the summons is issued. The summons itself has to be served within 24 hours of issuance. That’s fast by court standards.

The newly passed change adds the following criteria to the list of reasons for expedited evictions:

Intentional infliction or attempted infliction of bodily harm, as well as putting someone in fear of immediate bodily harm.

In other words, if a tenant physically attacks you, your property manager, your maintenance person, or any contractor working at your property, you now have grounds to request an expedited hearing.

This is an important change for small housing providers, especially if you live in a duplex and the person causing the problem lives in the other unit.

Of course, this isn’t something you can just something you can use as an excuse to get rid of a problem tenant outside of the usual channels. To ensure you don’t, the legislation also increased the penalty from $500 to $750 if a court determines you filed for an expedited hearing without sufficient basis.

The process still requires you to file an affidavit with specific facts explaining why the expedited procedure is warranted. A referee or judge reviews it before scheduling anything. If your affidavit doesn’t hold up, you’re on the hook for that penalty.

So use it correctly. As always, document everything. Be specific.

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Minneapolis Duplex Sellers: The Market Just Shifted in Your Favor (With One Catch)

2026-05-19T16:42:18Z

To be honest, last week when I found the 7-county metro area had once again become a duplex seller’s market, I was sure when I drilled down into the data I would discover Minneapolis had not.

What a wonderful surprise it was to learn I was wrong! In April, Minneapolis had a 4-month supply of inventory. In other words, at our current rate of sales, if no new listings came on the market from today forward, we’d be sold out by August.

Of course, we always have new inventory. In fact, 85 duplexes, triplexes and fourplexes hit the market in April. The South Uptown neighborhood lead the way with 5, followed by Holland, Como, Whittier and Fulton with 4 each.

A South Uptown 12 bedroom, 6 bathroom, 2022-built triplex topped the new inventory at $1,399,995. A partially rehabbed, Lyndale neighborhood 4-bedroom, 2-bathroom house conversion, torn down to the studs, offered a more accessible opportunity at $185,000.

In all, the month saw 185 active small multifamily listings in the city of Minneapolis.

It’s impossible to label something a seller’s market without sales. April posted 42 in all, with seller’s averaging a final sales price that was 99.6% of their original asking price. The month saw an average sales price of $450,821 and median of $416,000. Monthly prices on a graph tend to look like the results of a heart monitor since one or two properties priced extremely high or low can skew the data.

The month’s average of 66 days on market, and median of 36, was nearly double last April’s 35 and 19. When factoring in any previous days on the market without selling, the average swelled to 96 and a median of 57.

In other words, sellers may be in the driver’s seat for now, but it’s just going to take them longer to get there.

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