Tip #8

Don’t Always Raise the Rent

Written on August 28, 2012 by , updated on July 11, 2014

rent-too-highRaising the rent should be a standard practice when a lease is up for renewal with the current tenants or when you have a turnover of tenants.

I try to raise the rent 2-4%.  However, it’s also a very influential bargaining chip, and should be played appropriately.

When you have a stellar tenant (one that pays on time and maintains your property), you should try your best to get him/her to renew the lease.  A quality tenant is far greater than a 3% raise in rent. Eventually, they will inevitability leave, and you will always be able to raise the rent for the next tenant.

photo credit: JessicaOndrejicka via cc
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