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Updated almost 3 years ago,
Raising the rent in an apartment building
I own and manage a 33 unit building. I am planning to raise the rent. What incentive do you give to have residents sign another 12 month lease instead of switching to month to month? The last time I raised the rent, it was a 1.5% increase with a 12 month lease and a 3% increase with m2m. Following that same formula again seems unfair to the ones who already had a 3% increase (3% on top of 3%.) The 1.5% increase keeps the rate at market value. Suggestions?