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Updated about 3 years ago on . Most recent reply

User Stats

16
Posts
2
Votes
Maria Wilson
  • Rental Property Investor
  • Topeka, KS
2
Votes |
16
Posts

Raising the rent in an apartment building

Maria Wilson
  • Rental Property Investor
  • Topeka, KS
Posted

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?

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