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.
What is Normal Wear and Tear on a Rental Property and How to Assess It
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What is The Best Way To Maintain Washer and Dryer
Reading Time: 2 minutes As property managers, we try to help our landlords and tenants in extending the life cycle of any type of appliance in their homes. Although it is used in most homes by many, some landlords switch to coin-op laundryin their apartments instead of individual washers and dryers. There are a lot of benefits that come…
Joint Lease vs. Individual Lease
Reading Time: 10 minutes There are two methods of lease structures for multiple tenants: signing each tenant individually (or “by-the-bedroom”), or jointly (also called “one lease”). Depending on your preference, your rental property location, and your residents, one lease structure may be better than the other. Let’s take a moment to examine joint lease vs. individual lease…
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