How to INCREASE RENTS During Lease Renewal
Reading Time: 2 minutes With the ongoing inflation, tax payments, and demand for repairs, an increase in rents is truly inevitable. As experienced property managers, we always get this question a lot: “How do you determine the increase during lease renewal? Do you also send out a notice to your tenants when it’s time to renew their lease?”…
With the ongoing inflation, tax payments, and demand for repairs, an increase in rents is truly inevitable. As experienced property managers, we always get this question a lot: “How do you determine the increase during lease renewal? Do you also send out a notice to your tenants when it’s time to renew their lease?”
Increasing rents shouldn’t just be like picking a number out of a hat. Every real estate investor or landlord should do it professionally. There are different things to consider before making this decision. But with our help, we guarantee a smooth rent increase during your tenant’s lease renewal.
Budget check
At Green Ocean Property Management, our system allows landlords to check their previous earnings and expenses. If any of these things go up, we can include inflation as a reason to increase rent.
Inflation is just how much value your dollar would be able to give you from year to year. It averages about 3% across the board. If it went up 3% and your expenses increased by 3%, you will have a bigger problem in the long run. So you need to increase it by at least 6%; that way, you won’t lose money.
Green Ocean will guide you in increasing rents during lease renewal
As your property manager, it is our duty to communicate these things to your residents. We will help you explain it to your tenants. We want to avoid tenants saying, “What did you do? Did you make the property any better?” It’s a tough environment but we can show them the reason behind it so you won’ have a problem anymore. Our job is to make you more money, and whether that’s saving or increasing, it doesn’t matter.
Our commitment
If you or anyone else you know is looking for a proactive property manager to help you figure out how to increase your rents and how much they increase them, please think of Green Ocean Property Management: where you get more than a property manager, you get peace of mind.
The Role of Property Management in Neighborhood Revitalization
Reading Time: 3 minutesWhen it comes to neighborhood revitalization, property management plays a critical role. Property managers are responsible for maintaining the physical condition of a property, addressing tenant concerns, and ensuring that the property complies with local laws and regulations. This level of oversight and accountability can significantly impact the overall health and well-being of a neighborhood….
Understanding Fair Housing Laws and Avoiding Discrimination
Reading Time: 3 minutesFinding a great place to live is an essential part of building a secure and happy life. Fair housing laws exist to ensure everyone has an equal opportunity to find suitable housing. This article will guide you through these laws and how to avoid discrimination, whether you’re a renter or a property manager. Understanding…
How to Partner with the Right Boston Property Management Company
Reading Time: 7 minutesOwning an investment property can be a great way to generate passive income, but being a landlord also comes with a lot of responsibilities. Property management can quickly become a part-time job, from collecting rent to handling maintenance requests. That’s why finding the right boston property management company is so important for property owners. …
Experience exceptional management and elevate your property with us
