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ABUSE WILL BE REPORTED
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tom | What is a "reasonable" amount for a RENT INCREASE? |
I am a landlord and have good tenants. with the unbelievable climb in the price of gas , my expenses have skyrocketed this year and i have no choice but to impose a big rent increase on my tenants. Maybe as much as 10 percent.
I am a first time landlord. What would most tenants consider an "unreasonable" rent increase? would 10 percent be considered an unreasonable increase. i need to increase the rent but at the same time i don't want to drive away good tenants.
thanks |
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Kelly BanditSignsMadeEasy.com
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Great question, I do the exact following with my tenants. I send them the new lease with a the new amount per month. In this example let's say you want to increase it from $1000 to $1100, a 10% increase right? Well, I'll type in $1200 on the lease agreement but then cross it off and write in $1100. This way my tenants can see (or think) that I'm giving them a break when I'm really not.
Second, I send a letter (with the new lease) stating I'm increasing the rent because of cost of insurance, property taxes, fuel, repairs, whatever. I end the letter staing that if they wish to move they must give 30 days written notice pursuint to the lease agreement.
The important thing is the "because". People have a tendacy to comply if you give them a "because". There's a principle of influence called a "trigger effect." Certain actions, certain gestures, certain words - for whatever reason - have a profound persuasive effect on us. Often, we do not even know we are responding to the trigger. As soon as it registers, we react. In his book, The Art of Influence, Robert Cialdini describes an experiment he conducted where a student with a stack of papers approaches a line of other students all waiting to use the copy machine and asks them if they would not mind letting him cut in line.
In one variation of the experiment, the student approaches the people waiting in line and says, "Excuse me, I've got five pages. May I jump in and use the machine?"
In another variation, the student does the same exact thing, except this time he says, "May I jump in and use the machine, because I'm in a rush..."
Seems like such a subtle difference, doesn't it? However, the differences between results were anything but subtle. Only 60% of the students waiting in line agreed to let the student cut in front of them in the first variation of the experiment.
A whopping 94% of the students, however, let the student cut ahead of them in the second variation
Your tenants will get the letter, read it, sign your lease and send it back to you in the mail, no questions asked.
Be sure to mail it to them. Keep it as impersonal as possible. If you meet them face to face they'll probably ask for a discount.
Truthfully, if you're a good landlord in terms of fixing repairs timely then your tenants will probably stay for years. I know the feeling you're having now. Every first time landlord has dealt with the same emotions. I can tell you truthfully from my experience, when I try to be the "cool" landlord, my tenants have always left me high and dry. Now I'm a no nonsense, no excuse, No B.S. landlord. If the rent due on the 1st and they don't have it I immediately start to plan on the eviction. In Texas, I file what's called an "Immediate Possesion Bond", that let's me kick them out within 6 days. If the tenant says, "Gee I'm sorry, here's the money", I still charge them a fat penalty for my hassle. That way they learn that paying me is top priority.
I salute you for investing in real estate. Keep it up because now is the perfect oppurtunity to load up on properties. |
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Janet P
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10% is reasonable, and less then the increase in expenses.
Your property taxes go up every year, insurance rates have skyrocketed and if you pay any of the bills you are in trouble. |
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Leo F
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You are looking at this in the wrong way. You need to do a rent survey in your area to determine what comparable prop are renting for. I would call at least 6-10 comparable prop to get rents and what is included in the rents. Just because your expense's have increased does not mean you can increase rents. Rents should be within market rents for your area or you will loose tenants and a empty unit cost more than one you are loosing a couple of bucks on. |
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wickdsinnr
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Don't look at it as a percentage - look at it as the amount of the increase.
I could say 5% is average, but if the rent is $1500 a month, a 5% increase is $75, and some people may think that's too high. On the other hand, if the rent is $400, and the 5% increase is $20, that seems to be on the low side.
Put yourself in your tenant's shoes. Have they had problems over the last year? Any maintenance issues or failure by you to solve any issues? You state that they are good tenants. You need to figure out what it would cost you if they left - how much would you have to pay to turn that unit to get it ready, how much for advertising, your time to do another lease, make sure they are going to pay rent on time, etc. In my company, we estimate that it costs us around 2k every time we have someone move out, between the turn, advertising, our time and costs for background and credit checks, creating a new lease, etc.
You also might want to call a few communities in your neighborhoods and do a market survey to see what rents are, how much they are increasing each year, and make sure you have these things to back you up when you notify your tenants of the rent increase. Once you have told them what it is, and someone gives notice to vacate, you may not have a chance to negotiate with them and you're stuck with an empty unit.
I'm all for raising rents - in fact, in downtown Denver we are raising them 5% every year on average, but I know that everyone around me is raising them too, sometimes higher than I am. I would rather raise 3% and have someone renew and save my budget than raise 5% and have to turn 10 apartments in one month. |
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nojam75
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10% is a little steep, but not unreasonable. If you haven't raised the rent in more than a year, then it shouldn't be a surprise to the tenants.
The tenants will weigh the increase versus the cost of moving and whether they can rent someplace cheaper. Moving costs and hassle will probably outweigh your increase. You also need to do your own market research to see if you can re-rent the unit at the higher rate. |
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Trouble
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Reasonable is what the market demands.
Unreasonable is above market rent.
You need to research your rental market and find out if a 10% increase will keep your rents in line with comparable rentals in your area.
A tenant will not move out due to the increase if they cannot find anything cheaper in the area.
A tenant will not move out if the only cheaper places are in bad areas. |
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Anahid
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Some cities and municipalities have caps on rent increases. Most of the major NE cities, that do not have rent control, do have a cap on the rent increase around 5%, so that private landlords cannot increase the rent 10%. Make sure it is legal before you raise the rent over 5%.
As long as your proposed rent is market rate for your area, your tenants can't really complain. 10% is very high for a rent renewal, and they will most likely try to move, unless everything else is renting for the same price. If they move and you are at market rate, you will be able to find new tenants- most important thing is that you can pay the bills. However, if the rent increase is not market rate, then it is probably not a good idea to increase it that much and lose the good tenants bc you'll have a hard time finding new ones.
The rental markets in many areas are doing well as a result of the poor housing market- people that would usually be buyers are now renting. Do some research in your local newspaper and craigslist to make sure your rent increase is comparable to the market.
Make sure you have a clause in your leases that allows you to increase rent based on utility increases. I've seen that in some standard leases. Maybe you already have it covered. |
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ibu guru
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If you are providing oil heat, gas for cooking, any utilities which have increased substantially, then explain to the tenants that the 10% rent increase is due to the cost of their utilities doubling this past year.
Engage their cooperation by asking them to "be green" and reduce utility usage & give sources or suggestions -- and explain this will help moderate any future utility cost increases. "To help prevent future increases as costs continue to rise, I suggest ...."
It is going to be hard to keep tenants -- they cannot afford the price increases any more than you can. |
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hurtlocker2010
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No more than 5% if you have a tenant in the proerty. Otherwise you run the risk of pissing them off and not signing a new lease. |
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Expert Realtor
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Here is the problem with your theory....it doesn't take gas in your car to run an apartment complex or rental houses...so you can't really justify it on that alone.
All of us are feeling the pinch...I am a top producer in my area, and my real estate business is down by almost 40%. I would be hurting financially if I had all my eggs in one basket.
Next, you can't increase the rent on anyone that is mid-lease (at all) or has went to month-to-month without a 30-day notice...regardless of how high your expenses are.
It would be beneficial for you to pay an appraiser to do a rental analysis of the properties in your area. If you raise your rent by 10% and price yourself out of other rentals in the area...it won't save you a dime if all of your tenants move out and go someplace cheaper.
I'm not going to lose a tenant on $20 a month because that condo will usually sit there for 2 months before I can get another tenant in...divide that by 12 and that is how to figure out if you will be losing or saving by letting the tenant go.
I do this every year because I have several rental properties in several areas of town, so I know how much to charge when leases come up for renewal...I am also prepared to negotiate if I am going to lose a good tenant because of it. I never allow my leases go month-to-month, they must resign year to year.
I rent to alot of students so my only exceptions on a no-fee lease-break is if they are graduating from college (b/c I support education), military moves (it's my duty as a citizen), or if they buy a house through me and I give them a small break on the commission to boot.
That is the best advice I can give you. An appraiser shouldn't charge you anymore than probably $250 to do a report...and it can save you a bundle.
Do your homework and be prepared to do some negotiation. As long as you are not discriminating based on race, children, or handicap, no law says you have to charge every tenant the same. I explain it to other renters that the longer you rent with me, the better the deal you get. |
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basketball1
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hello, i have been renting my basement apt. to same tenant for about 18 mos. he pays a very reasonable rent (inc all utilities inc cable) and we have no "signed" lease.
I've noticed my electric bill has increased substantially over the last few months (elec heat in bsmnt). he was living there alone & now has got back with his ex who lives there & is home most of the day as well. I don't want to ruffle any feathers since he's a good tenant...what would a reasonable increase be? |
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