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).
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.
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.
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.
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