by Remy Lacanaria
Posted on 2019-08-25 20:17:01
Many landlords are reluctant to raise the rent, and it's understandable. But raising rent is just part of any business. Before you start the rent, it would be better to do some market research first to see how is the rent going in the neighborhood.
Property owners make a profit each month from the rent they receive from tenants, but there will be times that you have to raise the rent to continue getting profits. But remember that landlord can't just increase rent at any time or whenever they want; landlords must wait until the new lease renewal before raising the rent.
In most states, landlords are legally required to give tenants advance notice of rent increase. On a month-to-month occupancy, you must provide a proper notice depending on what your state law requires before raising the rent, this is usually 30 days.
Here are some tips on how you can raise your rents, without having to worry on losing your tenants;