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 10 Best Financial Reporting Software Tools for 2024
Reading Time: 8 minutesManaging properties is a juggling act. You’re keeping tenants happy, responding to maintenance requests, and making sure everything runs smoothly. But when it comes to financial reports, those trusty spreadsheets can turn into a nightmare. Endless rows of numbers, manual data entry, and the constant fear of errors – it’s enough to make any property…
Maximize Rental Profits by Converting Living Rooms
Reading Time: 22 minutes Converting living rooms into other versatile rooms is an effective use of living spaces that can maximize your profits. Today, we explain how we can turn a living room into another usable room. Room, as in “bedroom”? Notice that we did not use the word bedroom. It is because, in many…
Top 3 Software We Use to Analyze Your Property
Reading Time: 4 minutesFor a detailed comparative market analysis, here are three software we use to analyze your property so you can make informed decisions about your next investment. Comparative Market Analysis (CMA), what we call “rental comps” for short, allows real estate investors to determine the value of a property compared to similar properties in…
Experience exceptional management and elevate your property with us
