Re: how much rent increase - Landlord Forum thread 360822

Re: how much rent increase by lpadave on September 2, 2020 @18:48

know the comps in your market.

be objective as to where your property falls within those comps. your rent should be set accordingly.

long term, good tenants are valuable.
a one month of vacancy is 8.4 percent of a year

fixed expenses go up,...keep track of them as a part of your rent increases. these are hard costs that you have no control over and you can pass through with or without a bump up for handling / profit.

in normal times a 5 or 6 percent annual rent increase would be about mid range,.....but we are not in normal times.

while inflation is low now,... there's complete craziness now,... and my opinion is that a warm body who's paying on time in full (or the better part of ''full'') is way better than an empty asset and the task of trying to find a new tenant.

additionally it seems the quality of prospective tenants has declined significantly,....and you really have to ask yourself,....''why would anyone be looking to move of their own free will with things the way they are now ???""

I guess it works both ways !

New HVAC for tenants unit is an added value bump up .
the rest of the stuff is on you as ''maintainance' and capital improvements.

You can always raise the rent and defer or waive part or all of the increase for a set period of time then review.

I think many of us LL's are following that plan.

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Re: how much rent increase by scott on September 2, 2020 @20:44	[ Reply ]

there has been no rent increase in almost 4 years too. I took ownership last year and did not raise the rent. The plan was to raise it this year but was before the virus. the proposed rent increase is 5%.

Re: how much rent increase by lpadave on September 2, 2020 @21:28	[ Reply ]

1. WHAT IS THE CURRENT RENT IN RELATION TO THE CURRENT COMPS 2. DO YOU WANT TO HOLD ON TO THESE TENANTS ?

Re: how much rent increase by scott on September 2, 2020 @21:34	[ Reply ]

i am lower then the rent in the area Yes I want to keep the tenat

Re: how much rent increase by scott on September 2, 2020 @21:37	[ Reply ]

the total increase would be $50.00

Re: how much rent increase