Rent increase
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
Rent increase (by Pat [VA]) Jun 25, 2024 12:55 PM
       Rent increase (by ken [NY]) Jun 25, 2024 1:00 PM
       Rent increase (by bet [MA]) Jun 25, 2024 1:06 PM
       Rent increase (by Jim [CA]) Jun 25, 2024 1:26 PM
       Rent increase (by Pat [VA]) Jun 25, 2024 1:33 PM
       Rent increase (by plenty [MO]) Jun 25, 2024 1:53 PM
       Rent increase (by S i d [MO]) Jun 25, 2024 2:02 PM
       Rent increase (by 6x6 [TN]) Jun 25, 2024 6:16 PM
       Rent increase (by Tim [CA]) Jun 26, 2024 12:19 AM
       Rent increase (by Ray-N-Pa [PA]) Jun 26, 2024 7:55 AM
       Rent increase (by Small potatoes [NY]) Jun 26, 2024 8:56 AM
       Rent increase (by zero [IN]) Jun 26, 2024 9:35 AM
       Rent increase (by WMH [NC]) Jun 26, 2024 9:38 AM
       Rent increase (by MikeA [TX]) Jun 26, 2024 10:23 AM
       Rent increase (by Pat [VA]) Jun 26, 2024 3:09 PM
       Rent increase (by 6x6 [TN]) Jun 26, 2024 8:03 PM
       Rent increase (by zero [IN]) Jun 27, 2024 8:39 AM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

Rent increase (by Pat [VA]) Posted on: Jun 25, 2024 12:55 PM

We had a vacancy that had a long term tenant that had 2 small increases within that time because we didn't want to lose them. We re-rented it for 300.00 more a month and that is STILL under market at this time. (700.00 to 1,000 & should be getting 1,200-1,300. maybe more), We are going through an eviction and that means at least one month lost, maybe more, so I looked over my homes to see who should definitely be raised to help cover the loss and picked a guy that rents a small two bedroom/one bath block house with vinyl siding, seven years without an increase! $550.00 rent, so I went to 600.00. Sent the letter with 60 day notice. He is a truck driver, and his wife works at Subway or Walmart, nowhere long, if you get my drift? Two kids, one is through high school now.

All that to say this, we are terrible at raising rents. These are folks that don't complain much, but aren't extra good at keeping the yard, etc. Our main reason is, we hate turnovers. No other excuse. But I told DH, we need to treat ourselves better. These people are not our friends or relatives, and could care less about us, so why should we worry so much when we feel like an increase is in order?

I do care about them, but everything is costing us so much more, it's time they helped share the cost.

Rent increase (by ken [NY]) Posted on: Jun 25, 2024 1:00 PM

take a look at all your unit and the increases they need,chances are you could raise rents,have 1 unit go vacant and still be collecting more than before --74.77.xx.xx

Rent increase (by bet [MA]) Posted on: Jun 25, 2024 1:06 PM

I just love it when you dont raise the rents and then the tenants decide to move to the newer nicer apts, that are double your rent price, or you have helped them save the 40k needed for the down payment on a new home. We raise rents every year, stated in the lease. Sorry but being afraid of turn overs is just getting lazy. You found nice tenants, you can find more nice tenants again. I raised all rents 5%, guess what, they still stayed because its better than moving and coming up with 1st, last and sec and the moving costs. Add up the missing rent increases and add it up by total years, if you really want to upset yourself.

Rent increase (by Jim [CA]) Posted on: Jun 25, 2024 1:26 PM

I keep my increases usually to $50 per year and nobody complains because their rent is still under market. If you wait three or four years and then do a larger increase that is usually a problem. --23.162.xx.xx

Rent increase (by Pat [VA]) Posted on: Jun 25, 2024 1:33 PM

I do realize it and could kick myself for getting in the "I'm afraid to" mindset. I blame my DH cause he is too good for his own good. But when the hard cold facts of life speak to you, it gets real. We are doing "ok" but could be doing so much better.

Rent increase (by plenty [MO]) Posted on: Jun 25, 2024 1:53 PM

Think of it like this ... If you don't cover your expenses and feed your family you'll loose the house and then too. It's just business. Go to rent-o-meter and put in your address and snap a screen shot of the rent you should be getting. Do some math ... Wouldn't that extra money be helpful in paying your expenses?

Rent increase (by S i d [MO]) Posted on: Jun 25, 2024 2:02 PM

Take the burden off yourself by building in an automatic annual rent increase of 2.9 - 4.5% into your lease. Double that if you're in a hot market. Then everyone has already agreed to it up front and you can't forget about it. No fuss, no foul.... just a little "Hey Susie, just a reminder that the rent increase we agreed on last year takes effect in July. Be sure to update your automatic payment to the new amount ($XXXX) Thanks!"

E Z Cheesy!


Rent increase (by 6x6 [TN]) Posted on: Jun 25, 2024 6:16 PM

I could only blame myself when I did the same. I learned from here to do as what Sid said, for the most part anyway.

Rent increase (by Tim [CA]) Posted on: Jun 26, 2024 12:19 AM

Just think of how much income you've lost over the years. I do rent raises every march; if my tenants are at the higher end of the scale, the increase only goes up by $10 or $15 per month. Everything in this world goes up consistently including your rental costs, but you absorbing those costs that should be passed on to your tenants. --73.2.xx.xx

Rent increase (by Ray-N-Pa [PA]) Posted on: Jun 26, 2024 7:55 AM

It sounds like you know what you need to do. Fear does a great job of causing inaction. Collectively, landlords' need to learn that NOT doing anything will cause more damage than doing the wrong thing.

Time is very forgiving, but it works the opposite way if you don't raise rents - inflation is a two sided knife. I am inclined to believe the folks that are burned out the most are also the m same ones who didn't raise rents.

Rent increase (by Small potatoes [NY]) Posted on: Jun 26, 2024 8:56 AM

Why stay 2-300 below market if you are rerenting?

Rent increase (by zero [IN]) Posted on: Jun 26, 2024 9:35 AM

I might be a little low in my market. I did not increase rents for years, except maybe at turnover.

Simple math and people on this site helped me to change that. Taxes, insurance, utilities, interest rates, labor and materials have all climbed each year.

Still have a couple tenants that I have not gotten close enough to market yet. One is my mother-in-law and the other is moving next year.

My lease now says that a 3% minimum increase to the nearest $5 will be added each year anniversary. If I go higher than that I give a notice ahead of time. I still send snail mail as a reminder. Thinking about changing that to a text or email.

What is the funny saying?

Timid landlords have skinny children.

I have never gotten pushback from my meager increases. If I do I will gladly let them leave. Then I will go to full market if needed and look for a more cooperative tenant. --107.147.xx.xx

Rent increase (by WMH [NC]) Posted on: Jun 26, 2024 9:38 AM

Inflation is closer to 10%+ these days - you may find 3% still leaves you in the dust.

Rent increase (by MikeA [TX]) Posted on: Jun 26, 2024 10:23 AM

If you want some real motivation then calculate how much the "vacancy avoidance fee" is that you are charging yourself.

Rent increase (by Pat [VA]) Posted on: Jun 26, 2024 3:09 PM

I am resolving to do better. Have sent one letter yesterday and one e-mail today. We have to do 60 days now. Aiming for one more tomorrow.

Rent increase (by 6x6 [TN]) Posted on: Jun 26, 2024 8:03 PM

MikeA, that's a good way to put it.

Rent increase (by zero [IN]) Posted on: Jun 27, 2024 8:39 AM

Thanks MikeA for the newest addition to my funny sayings list.

Checking my non-automated list now.... I will have two more letters to send out but not for a few months. I am up to date! --107.147.xx.xx

Click Here to send this discussion to a friend
Report discussion to Webmaster

Subject: RE: Rent increase
Your Name:
Your State:

Rent increase
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: