It's generally an uncomfortable conversation, when it comes time for a landlord to contact their tenant to tell them that the rent on a lease agreement is going up. But there are a few things you can do as a landlord to make the conversation smoother, and to ensure that your tenant will agree to the rent increase.
Tip 1: Have the Conversation in Person
People are substantially less likely to say "no" to requests made of them in person; use this tidbit of research psychology to your advantage and meet with your tenants in person.
Be sure to bring the new lease agreement with you, for them to sign on the spot.
Tip 2:Seasonal Timing
It's far harder to find new tenants in the fall and winter, so approach your tenants in the early spring about the new lease agreement, so that you can replace them easily if they decide to vacate.
Tip 3: Legal Notice
Most states have strict legal notice requirements, mandating that landlords give tenants an advance notice before the new lease amount goes into effect.
As a general industry rule of thumb, 30 days is usually sufficient.
Posted by Brian
on 4/10/10 10:44 PM
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