Dean & DeWittHow to Raise Rent on a Tenant
As a rental property owner in St Petersburg, FL, you probably know that good tenants aren’t easy to come by. Finding them requires experience, knowledge and time. So naturally, when you get them, you’ll want to hold onto them for as long as you can.
But what should you do when you need to raise their rent?
It could be that the costs of maintenance have gone through the roof or maybe the cost of living has shot up. Perhaps, it could be that property and income taxes have been adjusted upwards.
Remember, your rental investment is a business. And, the goal of any business is to make profit. So, when property expenses increase, you’ll need to adjust your rent price in order for your rental business to continue being profitable.
Albeit, increasing rent is, without a doubt, risky. Raising it could leave your tenants scurrying for a new place to call home. Opting not to raise it, on the other hand, can mean leaving money on the table.
So, in this article, we share with you 4 steps on how to raise the rent on a tenant without complaints.
