My tenants lease is up soon and I am wondering how much to increase the rent for the next lease agreement?

Answer 1

what are others paying locally for the same sized housing?

Answer 2

My landlord just raised our rent by $50. Whenever he has raised the rent, ususally about once per year, it has always been in $50 increments. It kind of pissed my wife off because he has not done any upgrades or really even any regular, routine maintenance in the 4+ years that we have lived here - just keeps raising the rent without making any improvements. The four-plex where we live needs to be painted inside and out, there is a fence with boards missing in it, and the parking lot where we park is full of large potholes. The people in the front apartment had a broken window (a bedroom window) that went unrepaired for almost a year. We kept complaining to our landlord, and he eventually made them replace the window. Our landlord owns a home/lives in a very upscale neighborhood in the town where we live. My wife thinks that by raising the rent, it's just his way of supporting his extravagant lifestyle and paying for an expensive home. But, in all fairness to our landland, even though he just raised the rent, he is still below market value when compared to other rentals in this area. For the most part, he has really good tenants that pay their rent on time, and give him few, if any problems. So whenever he does raise the rent, he still stays below market value. Plus, taxes keep going up every year.

Answer 3

There no fix rule,

Nothing says you have to raise the rent, however You should look at similar rental properties in your area for compassion.

If you happy with your tenants you might keep your rent lower then average, You might consider just raising it sufficiently to cover your increase costs (tax, insurance, etc)

If your willing to risk getting a bad tenant or having the property empty for a month or two you can raise it higher than average.

Of course, you rental may already be a better or worse deal then the other rental in your area.

Answer 4

I think I would increase rents by 10% of the total monthly rents because it is more acceptable to tenants when they can understand how and why the increase has occurred or I would consider the total of bills you are expecting in excess of rents you are expecting in the coming year (especially if increase tax bill) times 5%-10% increase divided by 12.

Answer 5

I would do from 200 to 40 dollar increase, depending on there financial situation, how much the rent already is , and are they good tenants.

Answer 6

I would check out surrounding rental properties and stay $100 less so that your tenant will want to stay, but you still can increase the price. Check out apartments especially; their rent goes up every single year.

Answer 7

well you need to look att he market and the rise or fall in rent. And if the tenent is a good tenent you do not want to move out. Anywhere I have lived the rent has never went more then 50 dollars higher year over year

Answer 8

You should take into consideration......
1. length of occupancy
2. promptness of payment
3. Average in your area for comparable space
4. Are you Happy with Tenant?

If the tenant is someone you like and feel is an asset to you renting your home, then I would not raise too much. But if they are a headache and you could replace them easily raise it enough to make them "Shape up or Ship out".
GOOD LUCK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Answer 9

I justify mine with actually cost .. I like keeping tenant's and only after the equity and 10 year returns .. don't be greedy !

their people and if you treat them good you will have a good long term return.. treat them bad and you'll end feeling like a contractor and you won't be any further ahead ..

Answer 10

$400

Answer 11

Depends; are they good tenants? If yes, keep it small. If you're fighting them to get paid on time, price them out of it.