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Tips to Raise the Rent of Property Without Alienating the Tenant

The real estate sector has got many stakeholders and some of them like the investor, landlord and tenants are the prominent ones. The profit a landlord makes from a property is directly proportional to the amount of rent collected by him. However, rent collection is a complex subject when it comes to the real estate sector. There are many instances where the raising of rent has not been well received by tenants. Go through the slide to know the tips to raise the rent of property without alienating the tenant.

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Tips to Raise the Rent of Property Without Alienating the Tenant

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  1. TIPS TO RAISE THE RENT OF PROPERTY WITHOUT ALIENATING THE TENANTS

  2. Many landlords hesitate & fear to raise the rent.

  3. Inflation reduces the value of your rent each year.

  4. While taxes, insurance & repair costs continue to rise.

  5. Here are some tips to raise the rent of your property.

  6. RAISE THE RENT GRADUALLY EVERY YEAR

  7. Landlords run afoul of rent hikes because they wait.

  8. The rent falls far behind the market level.

  9. Immediate raising of rent will antagonize the tenants.

  10. Raise the rent by 2-4% every single year gradually.

  11. NEVER INCREASE THE RENT BY 8%

  12. Raising the rent by 2-4% won’t alienate the renters.

  13. 5-7% increase may force them to think about relocation.

  14. Above 8% hike will surely make tenants leave your property.

  15. However, don’t fall far behind the market rents.

  16. OFFER OTHER OPTIONS

  17. Offer renters alternative to avoid the hefty hike.

  18. The alternative can be offered in the form of a long lease.

  19. Turnovers are the situation where landlords lose the most money.

  20. The longer you keep tenant, the lower will be turnover rate.

  21. CONCLUSION

  22. Maintain effective communication with your tenants.

  23. Set expectations by raising the rent every year.

  24. THANK YOU www.landwin.com

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