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As an investor of a rental property, it’s important to make a profit, and raising the rent is one way to keep your profits up. Here are some tips on how to raise rent without losing your tenant(s).

1. 
   

   Consistency

   
   

Every year, you should raise the rent even if it’s only a small amount. This sets the expectation that rent will go up at least a little bit every year. And most renters aren’t bothered by a small increase and won’t go through the hassle of moving over $15 a month.

2. 
   

   Give enough notice

   
   

Legally, a notice of rent changes must be given 30 days in advance, however, more notice is always better. Give renters enough time to know there will be an increase so they can plan accordingly.

3. 
   

   Offer an incentive

   
   

Incentives are not only a bonus for renters; it helps protect an owner’s investment. Simply incentives like a one-time house clean, one-time landscape clean up, one-time carpet clean, etc. don’t necessarily cost a lot but are beneficial to both renters and investors.

4. 
   

   Check the market

   
   

Make sure you are sending the increase at market rate. Raising rents too high will most likely either cause your tenants to complain and/or move out.

Tenants aren’t usually happy about rent increases. However, if it’s done in a structured and in a fair way, it will go a lot smoother.