How To Explain A Rent Increase To A Tenant
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- Опубликовано: 9 июн 2024
- Marc offers thoughts on the best way for a landlord to explain a rent increase to a tenant.
To view the PM video coaching program Marc references visit: www.pmbuild.com/coaching-cons...
Thanks Marc,
We recently adopted this language and it has worked very well on this year’s renewals:
We hope you, and your family, have been well.
Thank you for being a rental resident at (insert property address here) Our goal is always to provide a nice place to live, at a fair price. This is just a courtesy reminder that your lease ends on May 31, 2022. If you wish to extend your lease for another year we will be happy to do that. Whenever the prospect of raising rent comes up at any property, we take a good hard look at it to make sure it’s necessary.
On average rent prices in this area have jumped 10% to 25%, or more, in just the last 18 months to 2 years. Taxes, maintenance costs, material costs, insurance, labor costs etc have all increased dramatically as well.
In that light, we have decided it is necessary to raise the rent on your unit, effective June 1, 2022 to $2,000.00.
Even with this increase, we believe we are still well below the average market rent for a unit of this type. This discount is offered because you have been a good resident and are taking good care of the property.
Rather than pay an increase, you may choose other housing. Should you intend to vacate at the termination of your lease, the original lease agreement states that you have to provide 60 days written notice of your intent to move. If you choose, signing the attached Notice to Vacate form checking off that you will not renew and returning the form to us 60 days in advance of your expected renewal will be considered your written notice.
Please respond to this email and let us know if you would like to extend your lease for another year. If you intend to end your lease on May 31, 2022 you must give us written notice using the attached notice to vacate form no later than April 1, 2022. If you have any other questions please email us at info@keyrentalhomes.com.
And here is the most recent response we got from a tenant:
Hi Deryk,
Thanks very much! We would definitely like to extend our lease another year.
We appreciate you guys not gouging us with the renewal rate; we have looked at prices for other places locally and that increase is very reasonable.
Just let us know what we need to do next to make it official.
Thanks!
Love it!
Thanks Marc! Looking forward to the Coaching Series version :)
Love that you are in the PM coaching group Daniel. I think you will enjoy this months topic - be watching for it! :)
Get the video coaching. Mark is great well worth it.
Thanks Edward!
Heck, try explaining the concept of “paying rent on time” to many of these people.
Could this be related to quality of property? I used to deal with late pmts until we upgraded our portfolio.
Great vid and exactly in this position and all the things you highlighted are what I’ve done and doing. Got a meeting set up next week to discuss and provide them the proof of why increasing
They are great tennents and been with me 20 years and they fix things and just charge me the material cost only. However still very nervous about the meeting as they pay £1475 and market value is £2,200. My strategy is mention all the stuff you said and ask for £2,000 but have a hard line of £1,900 and just bite the bullet of having new tennents and hopefully the the turnaround cost will recouped in the first year by the increase ie £700 per month x 12 = 9,400
Scumbag I hope they find better
7:15 video begins
Its 2023 and we still haven't raised rent on our tenants and we are now 600 below market rate.
There is a special place in hell for the greedy remember
hey marc how about explaining a rent increase to an owner lol
serious question (california, rent control)
that is CA for you!!
Housing should be non profit shame on property managers and real estate investors for creating a housing crisis and and excessive homelessness. Shame!
In Florida I believe you're not required to give a reason for non renewal. Do your own homework please I might be wrong.
How to be a better leach.
Yeah, explain that when my wages don’t go up with inflation. Suck it
Your tv/monitor is flashing like mad in the video. Makes it impossible to watch.
yea - sorry about that. We have now corrected that.
Shame on all housing associations who increase rent for already struggling, in poverty, in debt, in hell, lone living tenants like myself.
Rent is high enough chill