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My buddy does that, the tennant always agrees to pay more. I've never tried it myself because I think it's a dick move, but I'm sure if I tried I'd be able to negotiate a voluntary increase. If they move they pay more, the hassle and stress of moving. They will pay more.
"money is tight, I may have to sell this unit as it doesn't make sense to keep since interest rates went up. Plus strata fees, property taxes and insurance are all up. I'd love to keep you living here but there's about a $500 gap preventing this from making sense..."
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