Re: FL rental- rent increase - Landlord Forum thread 361133

Re: FL rental- rent increase by Garry on February 21, 2021 @11:36

First of all, any rental increase is never "fair" to a tenant. Unless you have done things to improve your property, and the tenants living conditions, all the tenant sees is having to pay you more, for the same living conditions they have had for maybe several years.

You want to raise their rent approximately 9% ($100), only because, in your opinion, they are paying you way below "fair market rent". Whereas that may be true in your mind, the T simply thinks " What do I get, for what I pay for"? Now, if you haven't made improvements to the property, you may be able to increase a T's rent by 2-3% each year, by telling the T your taxes, insurance, upkeep, or (utils if you have to pay them), have gone up.

How well do you know your tenants? Can they afford your rent increase, or do you risk them moving out because of it. Have they been "good" tenants-----paying on time and keeping up your property ? Once you give them notice of an increase, they will check the open market out too. They may find out they will still be paying less rent (with your increase ) than what they see on the open market. Or they may move.

I realize I have not given you a specific answer, but only given you things to think about.The best thing you can do, is in the next 2-3 months, get to know your rental market SUPER WELL, so you can justify any increase you decide to give.

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Re: FL rental- rent increase by Robert on February 23, 2021 @14:16	[ Reply ]

Other factors to consider. Are they great tenants you want to keep, How long have they been there and and how long do they plan on staying. Great tenants are worth a discount, but this situation is why it is wise to raise rent every year to cover inflation or increase taxes or condo dues.