Landlords have to raise the rents on their rental properties sometimes, as their costs (mortgage rates, insurance premiums, property taxes, etc.) go up, and as market rents rise. It can be a tricky and unpleasant conversation to have with your tenants, so here are a few ideas to help make the conversation smoother and more successful.
Tip 1: Timing is Everything
Don’t raise the rent in winter or fall! It’s drastically harder to fill rental properties in the winter, so wait until spring when you’ll be able to find a new tenant to sign a rental agreement much faster.
Tip 2: Advance Notice: More is More!
First of all, most states require you to give tenants written notice 30-90 days in advance of raising rent, which is something you need to research in your state. Additionally, however, having the conversation sooner rather than later gives you a chance to find a new tenant BEFORE the old tenant moves, creating a smooth transition with no costly vacancies.
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