Updated about 8 years ago on . Most recent reply
Policies on Raising Rent
Good morning!
Relatively new property manager, here, with a question regarding existing tenants. The landlord has just purchased a property (2/1) where there are current occupants. To make this a solid investment, he is planning on raising their rent slightly. I believe they intend to stay.
Looking for some advice, or personal experience, on how best to go about delivering this news in a professional and agreeable manner. Thanks in advance!
Most Popular Reply
So your title is Property Manager, My first recommendation is for you to download the Landlord tenant laws for your state. It is your new Bible. Read and understand the lease you are using.
Rent increases as well as any other notice is given in written form, usually left at tenants door and a copy in the mail. not emailed this is not proper form of notice, or text.
Notice needs to be equal to the notice period on the lease, for any renewal option or rent increase with renewal option.
If you want your tenant to have the best option to property consider the option of renewal and the increase in rent I would suggest you give notice extra 15 days early. Common practice.
So if lease ends Oct 31.. you would give notice of renewal with rent increase to tenant on or by the date of August 15th, this is about 75 days before lease ends. the tenant would review, either agree to sign new lease by or before Sept 1st or give notice to vacate by August 31st.
there are property management classes you can take I'd research some, and get some books also wouldn't hurt.