How to INCREASE RENTS During Lease Renewal
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.
Top 10 Situations a Landlord Hires a Property Manager
When should a landlord hire a property manager? Consider hiring a property manager when routine work repeatedly goes unfinished, you cannot reliably respond from where you live, or you need help coordinating repairs, resident communication and records. Write down the tasks you want to hand off, then compare a written quote with the time and…
Balancing Convenience and Costs: Adding Dishwashers and Disposals to Rental Properties
As a landlord, the decision to incorporate dishwashers and disposals into your rental property during renovations is a common question that arises. Balancing the potential benefits of increased demand and convenience against the ongoing expenses and maintenance challenges is crucial. In this article, we’ll explore both sides of the coin in adding dishwashers and disposals…
What makes a Property Manager VALUABLE?
Hiring a property manager proves to be valuable to any landlord as it allows you to take care of your properties and tenants, especially if you have several properties. Property managers deal with the tenants and their concerns so landlords don’t have to.s been in the industry for over four decades. One of the…
4.9 stars on 1,000+ Google reviews. Managing Boston property since 1977.
