Midlands Property Management | Tips for Telling Tenants About Rent Increases
Midlands Property Management | One of the most challenging things a property manager has to do is notify long term tenants about rent increases. Property in Midlands has been rising in value for years, and there’s no reason why the rent shouldn’t be increasing as well, especially if the home has been updated and maintained by the property manager. Still, rent increases often cause tension and conflict between the property manager and tenants which can be uncomfortable. Follow our tips for dealing with rental increases to decrease the stress and get that lease renewal signed.
- Know the Rent Increase Guidelines in Your State- There are different laws in every state dealing with landlord-tenant relations and rent. Before you increase rent ensure that you are familiar with the rules in your state, the rules in the homeowner’s association if the property is in one, and the rules of the lease. You may find restrictions on how often and by how much you can raise rent or maximum caps on rent prices.
- Send A Letter- You should never wait until the tenant is in your office to sign their new lease to inform them of a rent increase. Putting someone on the spot is never a good idea for anything. You should make sure to send a polite letter that officially documents the communication and informs the tenant of the increase at least 60 days in advance of their lease renewal.
- What You Include in Your Letter- A property manager needs to include the tenant’s full name, address of the property, date the letter was written, date the increase goes into effect, the amount of the rise, and the current cost of rent; along with the property manager information.
- Ask For Response- Include a letter or a tear-off portion at the end of the message you send that the tenant can drop off with their next rental payment or sooner where they can choose whether they accept the rent increase and will be in to sign their renewal; or that they reject the increase and will vacate by the last day of the lease agreement.
If you’re looking for a property manager that can help you navigate the problematic landlord processes, call Scott Properties of Midlands at 843-790-4929.