{"id":764,"date":"2022-06-01T14:14:57","date_gmt":"2022-06-01T14:14:57","guid":{"rendered":"https:\/\/loftypm.com\/?p=764"},"modified":"2022-12-13T19:48:04","modified_gmt":"2022-12-13T19:48:04","slug":"how-to-increase-rent-keep-your-tenants","status":"publish","type":"post","link":"https:\/\/loftypropertymanagement.com\/how-to-increase-rent-keep-your-tenants\/","title":{"rendered":"How To Increase The Rent And Keep Your Tenants"},"content":{"rendered":"

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.\u00a0<\/span><\/p>\n

Once you\u2019ve decided to raise the price, it’s important to do so in a way that\u2019s respectful to your tenants. <\/span>Property management companies<\/span> in <\/span>Mission Valley<\/span> can help you craft an effective plan to raise the price on your property, but it\u2019s still smart to inform yourself on the topic.<\/span><\/p>\n

Read on for a full guide to <\/span>serving a rent increase notice<\/span><\/a> as professionally as possible.<\/span><\/p>\n

How do you increase rent politely<\/span>?<\/span><\/h2>\n

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:<\/span><\/p>\n

1. Give advance notice<\/span><\/h3>\n

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\u2019ll need to pay more. This gives them time to budget for the change.\u00a0<\/span><\/p>\n

2. Be reasonable<\/span><\/h3>\n

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.\u00a0<\/span><\/p>\n

3. Be flexible<\/span><\/h3>\n

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.<\/span><\/p>\n

4. Explain your reasoning<\/span><\/h3>\n

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.\u00a0<\/span><\/p>\n

How do I serve a notice of rent increase in California<\/span>?\"How<\/span><\/h2>\n

According to the Californian law<\/span><\/a>, landlords must give their tenants 60 days\u2019 notice before increasing the price. This notice can be given in two different ways.<\/span><\/p>\n

The first way is to include the notice in the tenant\u2019s lease agreement. The second way is to serve the tenant with a written notice that includes the following information:\u00a0<\/span><\/p>\n