A Landlords Perspective On Increasing The Rent

Rent increase happens to be a tight spot for both

, landlords and tenants. Tenants are wary of rent increase because it puts extra financial burden on their pockets while landlords are uncomfortable while increasing the rent (though they wholeheartedly want it) because they are afraid of the conflict or loosing a good tenant with whom they have developed a pleasant relationship (which is especially the case if both landlord and tenants are residing in different portions of the same building). In spite of these dilemmas, landlords are compelled to increase rents because of many reasons, including inflation, increased cost of living or some newer expenses.

Landlords are often depicted as intimidating individuals who are looking to frighten their tenants into paying an increased rent all the time. In spite the fact that some landlords actually use these tactics, its not always the case. At times, it is the landlord who is at the receiving end. They keep rescheduling the rent increase even when it is due, for the reason that they are afraid of losing renters in a market where its hard to find a tenant, which is not completely unjustified knowing that having a small actual income is better than the chances of a bigger income.

That doesnt mean you should refrain from increasing rent, because at the end of the day it is your property and youve invested on it to earn good deal. Therefore, once you have decided to increase the rent, you must go ahead with your decision. You can take a look at the classifieds to get an idea of the rents in neighboring properties to ascertain the amount. You should also take into consideration the situation of the market. In addition to that, keep in mind the financial position of your tenant, though theres no law that prevents you from increasing rent when your tenant cannot afford it, its only commendable to show some empathy if the tenants are already facing troubles in meeting both ends.

Consult the local laws regarding rent increase (or ask some real estate attorney for guidance). Remember, that you cannot increase rent if the lease agreement bars you from doing so for a specific period. Waiting for longer periods and coming up with a whopping increase later on is a bad idea; instead you should go for small increases after shorter periods of time. To save yourself from confrontation later on, you should include some terms regarding the rent increase in the agreement.

by: William

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