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Top answerer
in General:
Cheryle -
22 best answers
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Back to Archived Questions in General
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Proper Way To Notify of Rent Increase
4 answers |
Asked by MarkD |
2 weeks ago
in General
I would like to know the proper way to notify tenants of a rental increase as the rent agreement comes up for renewal. How much time should the landlord give a tenant and other important details of the notice. If this has already been addressed, please point me to the post. Thanks
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This question has been closed.
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Answers
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Best answer as
selected by MarkD
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Cheryle
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Write a letter stating the amount of the increase and the effective date. If a new lease is required for their signature to be effective, supply a new lease with this amount and the beginning and ending date. Mail it to them.
Only accept payments in the new amount after the date it takes effect.
Posted 2 weeks ago
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Lukus
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Posted 2 weeks ago
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Lukus
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You could always hire a proffessional property manager to manage your property for you. This will give you some time to learn how to self manage your properties, so that you can manage the manager. Do what your good at , doing deals and leave all that property management to an expert. Hire a good property manager. Never self manage your properties. Your focuss should be on aquiring more properties and increasing the cash flows from those properties. Don't increase the rents to fast. There is still market sensitivity, and increasing the rents to fast can lead to more vacancies. So be careful.
Posted 2 weeks ago
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MarkD
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Thx Lukus, I guess if I wanted to have a management company handle it I would have, however I like the "hands on" experience. It gives me the up close and personal experience with my property and the people who will occupy it. I feel that with the few rentals I have at this time I can do a better job than a management company, who, at least in this town, are not very competent. When I do it myself I get an actual, not a vicarious sense of the kind of tenants who are out there and what they want in a home. This gives me a feel for what property I should buy next, and who I can expect may occupy it. Thank you for your input, mate.
Posted 2 weeks ago
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