Rent increase dilemma
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Rent increase dilemma (by MikeA [TX]) Oct 6, 2022 5:39 PM
       Rent increase dilemma (by Dave [MO]) Oct 6, 2022 6:51 PM
       Rent increase dilemma (by Shark [MI]) Oct 6, 2022 8:28 PM
       Rent increase dilemma (by Hoosier [IN]) Oct 6, 2022 9:22 PM
       Rent increase dilemma (by plenty [MO]) Oct 6, 2022 9:53 PM
       Rent increase dilemma (by Jim in O C [CA]) Oct 7, 2022 4:28 AM
       Rent increase dilemma (by James [GA]) Oct 7, 2022 5:17 AM
       Rent increase dilemma (by Bonanza [NC]) Oct 7, 2022 6:49 AM
       Rent increase dilemma (by Pmh [TX]) Oct 7, 2022 3:48 PM

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Rent increase dilemma (by MikeA [TX]) Posted on: Oct 6, 2022 5:39 PM
Message:

Well October is a good month, rental increases took effect again but I had a new twist from one tenant. I give them the usual speal about costs going up, a run down on the market assessment of the property they rent to show them they are still getting a good deal and then what their increase will be. I have been doing 5% increases about every 6-9 months and still falling behind so this go round I did 10% increases on most all of my units.

This guy's old rent was $1000. He just came off his first years lease and is now month-to-month so it's his first increase with me. Market rent as indicated in the letter sent a couple of months ago is $1300 but I increased his rent from $1000 to $1100. He paid $1300... Everyone else paid the correct amount so I don't think the wording of the letter was confusing.

What would you do in this situation?

--209.205.xxx.xx




Rent increase dilemma (by Dave [MO]) Posted on: Oct 6, 2022 6:51 PM
Message:

Now that’s a dream tenant. (Grins) one that pays the market indicated rent of $1300 not the rent increase of $1100

I would text and let him know he had a $200 credit that he can use for the next 2 months and you were showing market rates of $1300 but his rent would only be $1100 . This is what I would do, shoot straight and increase again in 6 months or a year. --162.249.xx.xxx




Rent increase dilemma (by Shark [MI]) Posted on: Oct 6, 2022 8:28 PM
Message:

Absolutely agree with Dave!! Treat him just the way you'd like to be treated if you made a $200 error in paying for something.

--68.37.xx.xx




Rent increase dilemma (by Hoosier [IN]) Posted on: Oct 6, 2022 9:22 PM
Message:

Agree with Dave…and great job pushing rents up with market. --99.92.xxx.xxx




Rent increase dilemma (by plenty [MO]) Posted on: Oct 6, 2022 9:53 PM
Message:

He has a credit. He will appreciate you bringing this to his attention and he will forever be a loyal resident. And you also know you can raise the rent more next year this time! --172.56.xx.xx




Rent increase dilemma (by Jim in O C [CA]) Posted on: Oct 7, 2022 4:28 AM
Message:

I had a tenant that for some reason over paid by a $100. I brought this to his attention. Next month he took the credit and paid the proper amount. The following month he paid the correct amount. He said he made that mistake with his old landlord and he discovered the error after six months and his previous landlord never said anything.

When he moved he said he would still be there if he had not been transferred. --99.23.xxx.x




Rent increase dilemma (by James [GA]) Posted on: Oct 7, 2022 5:17 AM
Message:

I've had some do that before. I've brought it to their attention. I've also had several that have done it, indicate they did it on purpose. They like/d the place and felt it was fair. --91.41.xx.xx




Rent increase dilemma (by Bonanza [NC]) Posted on: Oct 7, 2022 6:49 AM
Message:

Honesty is always the best policy.

You're a good man (or insert gender neutral pronoun here) Charlie Brown --65.188.xxx.xxx




Rent increase dilemma (by Pmh [TX]) Posted on: Oct 7, 2022 3:48 PM
Message:

I am confused by your post & I am a long time LL. on side note: I never explain why rent are going up. they are told it is. I up rents 5% each year for one year renewal each year if they stay. in current mkt I would like for them all to leave…. --107.127.x.xx



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