As a landlord, it’s important to keep up with the times and make sure you’re charging your tenants a fair price. If you don’t raise the rent amount periodically, you’ll likely find yourself falling behind on your own bills.
Once you’ve decided to raise the price, it’s important to do so in a way that’s respectful to your tenants. Property management companies in Mission Valley can help you craft an effective plan to raise the price on your property, but it’s still smart to inform yourself on the topic.
Read on for a full guide to serving a rent increase notice as professionally as possible.
How do you increase rent politely?
Raising the price can be a tricky situation, as you don’t want to anger or upset your tenants. However, there are some ways that you can up the price politely and respectfully. Here are some tips for increasing the prices:
1. Give advance notice
Giving your tenants plenty of notice before an increase will go a long way in keeping them happy. You should let them know at least a month in advance that they’ll need to pay more. This gives them time to budget for the change.
2. Be reasonable
If you’ve been charging below-market prices, it’s understandable that you’ll need to bump them up to market rates. However, large price changes can be hard for tenants to afford, so try to keep them as small as possible.
3. Be flexible
If your tenants are having trouble paying the new amount, be willing to work with them. You may be able to allow them to pay the new amount over a longer period of time, or in smaller increments.
4. Explain your reasoning
If you’re transparent about why you’re increasing the prices, your tenants are more likely to be understanding. For example, if it’s due to higher operating costs or property taxes, let them know.
How do I serve a notice of rent increase in California?
According to the Californian law, landlords must give their tenants 60 days’ notice before increasing the price. This notice can be given in two different ways.
The first way is to include the notice in the tenant’s lease agreement. The second way is to serve the tenant with a written notice that includes the following information:
- the amount of the increase
- the date when the increase will take effect
- the landlord’s name and address
- the tenant’s name and address
- the date when the notice was served
This notice must be served either by hand-delivery or by mail. If it is mailed, it must be postmarked at least 60 days before the new price takes effect.
If you have any additional questions about how to serve a notice of increase in California or just need general tips for managing your rental, you should consult a property management professional.
What is one of the most reliable property management companies in Mission Valley?
As a property owner, it is important to have a dependable professional that you can trust to take care of your investment. At Lofty Property Management, we have years of experience in the industry and we are dedicated to helping our clients succeed.
If you are thinking about raising your prices, we can help you develop a plan that will maximize your profits while still keeping your tenants happy.
With our help, you can relax at the San Diego River Garden and focus on the things that matter most to you while we take care of the day-to-day details of running your rental property. Contact us today to learn more about what we can do for you.