If you own or manage rental property and you need or wish to raise your tenant's rent, make sure you follow proper procedures.
Things You'll Need
- Financial Calculator
- Real Estate Attorneys
- Personal Organizers
- Spiral Notebooks
- Writing Pens
- Personal Financial Software
Be aware that you usually cannot increase the rent of a tenant during the duration of a long-term lease.
Determine the amount of rent increase by surveying rents of similar rental properties in your market area. Consult classified newspaper ads or local real estate guides.
Review the terms of your tenant's lease or rental agreement for clauses that determine the procedure for notifying the tenant about rent increases. (Advance notice of 30 days is usually required.)
Contact a local real estate attorney or local housing authorities about any rent control laws in your area that might limit or prohibit rent increases.
Inform your tenant in writing of the amount and effective date of a rent increase, giving proper advance notice according to the terms of any lease or rental agreement.
Be prepared to negotiate on the amount of the rent increase if you want to retain good tenants in your rental property.
Tips & Warnings
- Avoid potential legal problems by knowing and adhering to any rent control laws in your area.
- Steep rent increases may scare off existing tenants. Be aware that the costs of replacing good tenants may outweigh the benefits of raising their rents.
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