Raising Rents faster than yearly?

[Cory Clement]

New investor with newly acquired 3 duplexes that are all renting below market. Curious on insight from experience on the best way to raise rents. Open to all thoughts as I get ready to send new leases. Looking to get rents from 500-850, which will be a little lower than the vacant unit will rent for. Thank you!

[Eric Greenberg]

Id first verify that you are legally allowed to raise rents at that rate. Id also think theres a high probability that your current tenants wont want to absorb a 70% rent increase. Id make sure you are ready for all your tenants to leave.

Ive found tenants from previous landlords dont always play as nicely with the ‘new landlord’ who raises rents abruptly. Just a word of caution that if they stay they could be sour towards you and if they are friendly with their neighbors make other tenants feel the same way.