{"id":362,"date":"2021-01-07T10:14:46","date_gmt":"2021-01-07T18:14:46","guid":{"rendered":"https:\/\/prophub.com\/blog\/?p=362"},"modified":"2021-10-31T12:35:13","modified_gmt":"2021-10-31T19:35:13","slug":"increase-rent-without-losing-tenants","status":"publish","type":"post","link":"https:\/\/prophub.com\/blog\/increase-rent-without-losing-tenants\/","title":{"rendered":"Rental Increase: How to Handle It Without Losing Tenants"},"content":{"rendered":"\n

A rental increase is an inevitable part of leasing. However, the only downside is that you can lose great tenants. As renting<\/a> is mostly due to affordability, rental increases can most definitely ice people out, forcing them to look elsewhere. <\/p>\n\n\n\n

We understand that you\u2019re running a business, but you can increase rent without losing tenants each time.<\/p>\n\n\n\n

Do Your Research<\/strong><\/h3>\n\n\n\n

Doing thorough research into the local market is arguably one of the most important steps to carry out. You don\u2019t want to price too low and see little return on investment and you don\u2019t want to price too high as it could ice out a lot of potential tenants. Pricing your rental too high or too low doesn\u2019t give prospective tenants the best impression and you can easily appear to be inexperienced unless there is a specific reason for the disparity.<\/p>\n\n\n\n

Be Firm, But Fair<\/strong><\/h3>\n\n\n\n

It\u2019s important that you are understanding of your tenant’s personal and financial situation, but also stand your ground. Good landlord-tenant relationships can take time to build, and you want to avoid burning bridges unless absolutely necessary. Be sure to put across how much you value them and be transparent about the reasons for the increase. More than anything, tenants appreciate transparency and efficiency.<\/p>\n\n\n\n

Give the Tenant(s) Ample Notice<\/strong><\/h3>\n\n\n\n

Finding a place to live is usually a stressful experience, so giving your tenant ample notice is vital. Should they decide that they want to move following the rental increase, it\u2019s good to give them enough time to get their affairs in order. Additionally, it\u2019s best to communicate the rental increase as early as conveniently possible. As an example, communicating that the rental increase will be in three months\u2019 time.<\/p>\n\n\n\n

Communicate in Hard-Copy & Digitally<\/strong><\/h3>\n\n\n\n

Having both a hard-copy and a digital copy is vital in all communications for security and verification purposes. It is also easier for you as a landlord to keep track of your communications. It would also be more difficult for either party to claim that they \u201cweren\u2019t aware\u201d of something or a certain letter or email \u201cgot lost\u201d.<\/p>\n\n\n\n

Consider Adding a Rental Increase Clause<\/strong><\/h3>\n\n\n\n

Adding rental increase clauses in your initial agreement is also an option to consider. However, do note that this may put some prospective tenants off. Communicating this transparently in the initial rental agreement, outlines increases in a clear and concise way. This is so that tenants can expect it further down the line. This may also allow them to prepare financially for such an increase. This option would require a bit more research into the local market in the initial stages.<\/p>\n\n\n\n

For more of our posts, have a read of our previous blog about how to write a mind-blowing rental listing<\/a>!<\/strong><\/p>\n\n\n\n

To learn more about our services and register, see here!<\/a><\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"

A rental increase is an inevitable part of leasing. However, the only downside is that you can lose great tenants. As renting is mostly due to affordability, rental increases can most definitely ice people out, forcing them to look elsewhere. We understand that you\u2019re running a business, but you can increase rent without losing tenants […]<\/p>\n","protected":false},"author":2,"featured_media":363,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14,8],"tags":[30,31],"yoast_head":"\r\nRental Increase: How to Handle It Without Losing Tenants - PropHub<\/title>\r\n<meta name=\"description\" content=\"There are many ways to prepare your tenants for a rental increase, without losing tenants every time, here are some of our tips on how.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/prophub.com\/blog\/increase-rent-without-losing-tenants\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Rental Increase: How to Handle It Without Losing Tenants - 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