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Updated over 10 years ago on . Most recent reply

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69
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28
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Thomas Guertin
  • Investor
  • Springfield, MA
28
Votes |
69
Posts

How often do you raise the rent on Tenants?

Thomas Guertin
  • Investor
  • Springfield, MA
Posted

I was wondering what other Landlords are doing about raising rents.  Do you only raise rents when your costs go up?  Do you raise them to be close to market rents?  Do you raise them yearly or rarely raise them?

I have had tenants for 3 years paying above $1250/mth and I am raising their rent $25/mth.  Of course they complained but brought up the point that their past 2 landlords never raised their rent in  the 5 and 9 years they rented.

Wanted to know what other landlords are doing.

Most Popular Reply

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435
Posts
198
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Bill P.
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
198
Votes |
435
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Bill P.
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
Replied

I raise my rent 2.5% per year as stated in the lease that they sign. Of course, if market conditions change, I can forgive the raise to make me look benevolent. Otherwise, the rent raise was known before they moved in. My lessees usually stay for multiple years. This lack of vacancy is what allows me to do small steady increases as my vacancy rate is low (1 month every 4/5 years on average)

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