Going about rent increase
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Going about rent increase (by Peter [CT]) May 13, 2022 2:00 PM
       Going about rent increase (by Ken [NY]) May 13, 2022 2:24 PM
       Going about rent increase (by Robert,OntarioCanada [ON]) May 13, 2022 3:35 PM
       Going about rent increase (by Peter [CT]) May 13, 2022 3:41 PM
       Going about rent increase (by plenty [MO]) May 13, 2022 4:38 PM
       Going about rent increase (by Robert,OntarioCanada [ON]) May 13, 2022 10:58 PM

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Going about rent increase (by Peter [CT]) Posted on: May 13, 2022 2:00 PM
Message:

I have a tenant with section eight. I need to go up on her rent. When researching HUD fair market rents for my zip code and number of bedrooms comes out to $1500 a month . I am getting 1,170.00, I was going to go up $100 but will still be way under fair market value. I have to sent in the increase to section 8 with comps and fair market value. How would you handle increase because itís worth more? Any advice is appreciated. Not the only comp has a waitlist.

--70.158.xxx.xx




Going about rent increase (by Ken [NY]) Posted on: May 13, 2022 2:24 PM
Message:

I would tell them i want $1600 and let them talk me down to $1500, $1270 is way too low --74.77.xx.xx




Going about rent increase (by Robert,OntarioCanada [ON]) Posted on: May 13, 2022 3:35 PM
Message:

Take a look at the operating costs that gone up over the past three years. What is happening now as the situation in Europe oil has gone up dramatically which means everything else will go up. Apply CPU each year then add up. Market rent is what one could get if rental unit was vacant where may require substantial repairs and renovations. One option if the rental unit is vacant then separate all the utilities where electric is the most abused utility. --68.69.xxx.xxx




Going about rent increase (by Peter [CT]) Posted on: May 13, 2022 3:41 PM
Message:

My cost for oil, water and taxes have all gone up and maintenance too. --71.234.xxx.xxx




Going about rent increase (by plenty [MO]) Posted on: May 13, 2022 4:38 PM
Message:

In my state there is a time period before lease renewal when a LL can submit paper for a rent and increase. It's a time line like 90 to 60 days before lease renewal. If they receive the notice before the 90 days or after the 60 days they don't reply at all. May be different in your state. We have a landlord portal where this information is available. I have been asking $100 to $200 for properties this year and been receiving it without explaining. Not sure how your state works but hopefully that will give you some direction. --172.56.xx.xxx




Going about rent increase (by Robert,OntarioCanada [ON]) Posted on: May 13, 2022 10:58 PM
Message:

Is it possible to convert to a higher efficiency natural gas boiler. Expensive upfront where in each rental unit install a high efficiency wall mounted gas boiler then vent directly through the wall where no chimney required. Now more then ever even if one utility at time to separate out. If take a three average of all operating costs then can determine rent increase. It may be time that if not approved then go to market rent. Most jurisdictions vacancy rates are at a all time low where no problem getting market rent. Found when tenants pay directly for heat and electricity the consumption is a lot less as the utility belongs to tenant not someone else. Converting out to separate is expensive upfront but over the long term there is a pay off. Immediately the value of the rental complex goes up. Governments have to accept realities where there is inflation. So if do not approve then they can find somewhere else. --68.69.xxx.xxx



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