A professional manner will keep tenant relationships healthy
LANDLORDS LOOKING TO increase a tenant’s rent should always do so in a professional manner. As a landlord you can’t just increase rents whenever you like, or by any amount. And you don’t want a good tenant leaving for the sake of a few pounds and the hassle of having to find another tenant.
All tenancy agreements should include information on how and when rent will be reviewed and might include a rent review clause. A lot will depend on the type of tenancy that is being used for the property. But it’s important to remember there are ways for landlords to increase rent in a professional manner that will keep tenant relationships healthy.
This means giving tenants proper notice of the increase and providing a valid justification for the increase. Landlords should also be aware of any applicable rent control laws that may apply in their area.
TO KEEP THE RELATIONSHIP PROFESSIONAL AND ENSURE TENANTS ARE SATISFIED WITH THE RENT INCREASES, HERE ARE SOME TIPS:
1. Be transparent about your reasons for increasing rent. Explain why there has been an increase, as this will help build trust between you and your tenants so they know it’s not a random decision but instead necessary for running a successful business.
2. Give adequate notice before implementing any change in rental rate, such as in the form of a written notice or an email sent at least 30 days before either the due date or lease end date. This allows tenants time to make preparations and discuss the change with you.
3. Be flexible in negotiating terms around rent increases.
Consider offering incentives such as additional amenities or more time to pay and be open to negotiation so that both parties can come to an agreement that is beneficial for everyone.
4. Make sure tenants understand the effect of making late payments or missing rental payments altogether, especially if rent increases are implemented after such occurrences. Explain any penalties or fees associated with missed payments, so they know what’s at stake should they fail to make their rental payment on time.
By following these steps when increasing rent, landlords can ensure they are doing so in a professional and legal manner. Doing so will help build trust with tenants and ensure landlords remain compliant with applicable laws.
>> LOOKING FOR A BUY-TO-LET MORTGAGE THAT’S A PERFECT FIT? << If you’re thinking about a buy-to-let mortgage or want to know more about renting out properties as a landlord, speak to Omni Finance – telephone 01424 236903 – email firstname.lastname@example.org.
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