Increasing rent on new property
How do I go about increasing the rent on my new tenants? I’m closing in October and their lease will need to be renewed December 1st. Do I just write up the contract with the new monthly rent amount or have a verbal conversation first?
Depending where the property is you need to give a certain amount of notice, do it in writing, the verbal conversation does nothing for you, except maybe make them feel slightly better but I'm assuming you'll raise the rent regardless of what they say anyways.
Treat them how you would want to be treated. Most people would appreciate as much heads up as possible if their situation is going to change. After you close, I would provide them with a written notice of your intention to increase rent if they choose to renew their lease in December. That way, it gives them time to find a new place if they decide not to renew.
