Are you planning on increasing your tenants rents in 2024?

[Alan Asriants]

Hello BP community!

I have read many articles and have even noticed as an agent the slowdown in rentals these past few months. I have very solid tenants and I always increase rents in my properties. 

Granted, I am very fair with rental increases and never come out of left field with increases. I have done, $50, $75, etc, and in 2023 and renewals I have increased by $25-35 due to a slower demand and rental prices.

I still like to increase tenants rents because I don't want to do any major increases after not doing some in a few years. Plus it becomes a norm for my tenants and they usually anticipate it.

Only one tenant gave me an issue this past year and I reassured them that I wouldn't raise their rent anymore than $25/yr. I put this in writing for them too.

This year I am planning on only raising rents by $10-15/m

All of my properties are currently at market rent, but of course things like insurance and taxes keep going up

BP Community, what are you doing for rental increases this year?

[Wayne Kerr]

I will likely leave mine the same this year - I'd like to avoid the vacancy. If I have a tenant move out, then I'll increase the rent by $25 or so for the MFH and $100 or so for the SFHs and re-market it. 

But I try to keep the tenants in as much as I can even if it means keeping the rent the same for 2 years. By the 3rd year they will be seeing an increase though 

I've actually been debating lately on giving $100 or so off first months rent on my affordable units as a way to fill them faster. 

For example on my fourplex the units rent for $650 each - the PITI is $909. So a month of vacancy costs me $650, so a week of vacancy costs me $162.50. So if I offer $100-150 off first months rent and get someone in there sooner, it actually saves me. I might do this for a release too come to think of it...