After you see how to write a rent increase notice, check out this related article: How To Raise Rent Without Losing Tenants
At some point, all property managers have to raise rent in order to stay profitable, or even to just pay the bills. Ideally, a well-written rent increase notice can help you retain residents and give them positive feelings about the future. We’ll walk you through a few simple steps that will help make your rent increase letters as professional and considerate as possible.
The most important part of raising rent is making sure the law is on your side. These notice periods vary by state.
If possible, try to give ample notice of a rent increase. As you know, renters are more concerned with their personal situation than what’s required of you by law. If they feel like they’re not being given enough notice — even if you’re abiding by the minimum legal notice period — they may feel slighted. They might decide to move, or they could hurt your reputation with negative online reviews. On the other hand, going above and beyond for your renters is a great way to get positive property reviews.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.