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How to Be Prepared For Raising Rents

However, you should know tenants will always find fault in your intentions. This is where a rent review expert witness and arbitrations come into the picture.

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How to Be Prepared For Raising Rents

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  1. How to Be Prepared For Raising Rents?

  2. The subject of increasing rent is always a concern for landlords and tenants. There’s always a change in the business environment that will warrant a rent review. It could be an increase in taxes, insurance premium, or the cost of maintenance. Of course, there are always enough reasons to raise the rent. However, you should know tenants will always find fault in your intentions. This is where a rent review expert witness and arbitrations come into the picture.

  3. Whatever your decisions are for raising rents, ensure it is strictly business. Remove emotions out of the reasons for raising rents. Of course, rents can be increased every year, but you should consult a rent review expert witness and arbitration to know applicable laws. With an expected annual increase, your tenants are prepared.

  4. One way to avoid any legal issue, you should also set the best value for your rental. When there is an appropriate rental, it will be easy to defend your decisions when a rent review expert witness and arbitration is involved. The increase in rent should be in tune with the local market. Ensure your property is not an outlier in the local market, it should either be slightly higher or lower than the prevailing local rent.

  5. Justifying a rent is not always on your mind as a landlord. However, if there’s a humanized approach to your rent review, you should have back-up documents available. With proper documentation, you will have leverage over your favorite tenant. It is not every tenant that will understand the need for a rent review, which is why you need to be prepared.

  6. It can lead to a legal tussle if you don’t inform your tenants between 30 to 60 days to the end of their current rents. With a proactive rent review expert witness and arbitration involved, you will guide on the right course of action. In the notice, you should note what the new rent is and when it will take effect. If possible, you can state the reason for the increase in the notice. • Whatever you are doing as a landlord, make sure you are in tandem with local and federal housing laws. Ensure your rent increase aligns with the percentage of rent increment permissible under the law. You’ll be appropriately advised and guided on the position of the law by a rent review expert. Never take action without an expert consulted.

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