Raising Rent -How much advance notice should I give a tenant?

Question

I want to raise rent for an existing tenant, how far in advance of their lease ending should I notify them of the increase? I want them to stay so I feel like telling them too far out might give them more time to look for alternative options, but I also want to notify them and hopefully get a new lease signed.

John Clark · Answer

You show you want them to stay by the amount of the increase in rent. Respect for their needs is to give them as much time as possible in the notice. So the compromise is to give them notice as soon as possible of a reasonable increase that will induce them to stay.

Nathan Gesner · Answer

Depends. Most states require 30 days notice. Some states require up to 120. Some states regulate how much of an increase you can give. You need to tell us what city/state this is in so we can give you better advice. An even better option? Learn to find the answers yourself by reading the law. Go to Google (or your favorite search engine) and type in "rent increase CITY/STATE" and look for state-sponsored websites or links to state law.

Kim Meredith Hampton · Answer

@Guy East

Your lease renewal notification should align with your lease and state of municipalities statutes. We have several areas here in Florida that have passed Tenants Bill of Rights, and one of them requires that we give 60 days notice if we are raising the rent

Roy Nash · Answer

Nathans comment is the right approach. Know the law. I am in WA State and the law was changed to require longer notices of 60 days minimum. However prior to that it was 30 days. I always give just the minimum notice possible. I now give 60 day notices but I would give a 30 day notice if it was legal. I also conduct frequent Market Analyses of my property types to make sure the rent raise is in line with the market so that they cant easily find a cheaper or even equivalently priced unit. The Combination of a Short notice and rental rate increase in line with the Market pretty much insures they will NOT move.

Ron Brady · Answer

Per others, knowing and following state and local laws is the starting point. As @John Clark shares, for tenants we wish to keep, we take the approach of giving a lot of notice, i.e. 75 days, combined with an increase that results in rent that is just below the market average. Our thinking is that if tenant goes looking--which we encourage--they will find our increased rent amount to be very reasonable. If they take it, great--no turn costs. If they don't, great--we raise it to full market for the next tenant. Best wishes.

Richard F. · Answer

Aloha,

I recommend you first meet with the tenant for a routine, brief walk through inspection to check for damages, reported, and unreported maintenance issues. After you complete the inspection, advise the tenant you need to review the local market and your expenses for the year before offering them a renewal. Talk with them about their current intentions and if there has been any change in their job status or family life that is noteworthy. Follow up within a week with a simple cover letter and addendum offering choices...year renewal at this rate; six month at this rate; or a notice of vacating with appropriate number of days notice to the LL based on local law. Provide a deadline for this addendum to be returned to your office at least two weeks prior to the effective date.

Raising Rent -How much advance notice should I give a tenant?

Raising Rent -How much advance notice should I give a tenant?

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