A landlord can’t just raise the rent anytime they want, or by however much they want. There are rules and regulations stopping that. It would not make for a good rental experience would it? Depending on the kind of tenancy the renter has, they must adhere to regulatory criteria in order to increase the rent. Similar to other businesses, the rental market reacts to economic fluctuations, causing owners to increase or decrease rent prices depending on their location.
Again, landlords have the ability to raise the lease, but they must do so in accordance with the legal laws. Tenants should be aware of these regulations and learn what to do if a landlord infringes on them. Even so, how can successful landlords navigate this transition without upsetting quality tenants or jeopardising a positive landlord-tenant relationship?
1. What you say and how you say it matters. When negotiating renewals with renters, don’t use the term “raise.” Instead, label the increased rent an “adjustment.” A single phrase may greatly reduce or eliminate these calls. The word “rent adjustment” conveys that the lease is being hiked due to market factors rather than the landlords want.
2. Always provide notice to tenants. By law, landlords have to send a written notice to tenants 30–60 days before the contract ends if they want to raise the rent. When increasing rent, consider your renter to maintain a positive landlord-tenant relationship. A reliable tenant who pays on time and takes care of your property is the most valuable customer you have
3. Involve Your Tenants in Decision-Making. Tenants find comfort in being able to voice their opinions and value the chance to do so. You run a business out of the property but it’s their home. Get to know their issues by conducting surveys, e – mailing that permits them to suggest alternatives, and gets them interested in what they are looking for in the process.
Finally, take steps to ensure that you implement ideas and make changes. Your renters will be interested in helping you raise the lease when the time comes since they will know that it’s reasonable.