Plans to increase rent this year?

[Kilter L.]

Hi Salt Lake or Utah landlords, Just wondering if you are planning to increase your rent or have you already increased your rent this year based on the local market condition? If yes, what's the percentage increase and why? I am about to renew the lease with one tenant and want to hear your opinion. Thanks, Lee

[Thomas S.]

I increase my rents annually without exception to cover my increasing costs and to keep them at market if possible. If you do not you are not operating as a business. The cost of living has never gone anywhere but up every year making annual rent increases mandatory in this business.

Matching your increase with the cost of living index would be a minimum requirement. If you have had personal increases on your property (taxes, insurance etc.) above that number you will need to raise your rents higher to cover those increases.

Tenants expect to pay for your increased costs through annual rent increases.