Increasing Rent
Hello Everyone,
I currently own a fourplex and am living in one of the units. The average market rent for a unit is $600. My units are being rented out for $525, $525, and $510 respectively. The tenants have been residing in the apartment for four years and are excellent tenants. The tenant that pays $510 is an older lady and will complain if rent is increased. She even mentioned to me not to increase the rent when I first purchased the property. They have not had the rent increased in four years. I just purchased the property on 12/12/14 and I am not sure what letter to send to increase the rents or by how much and when. The market rate is only taking into consideration the 2 bedrooms. Each unit has 2 bed rooms, one bath, a washer, dryer, and dishwasher with a detached garage. I need to increase the rents, but do not want to scare the tennants out.
Does anyone have any advice?
Thank you!