Raise Rental Price

[Mason Schreck]

Hello all...I own a single family home in Broward County. Our property taxes have increased over $8,000 from last year. We currently have annual tenants in the property with the lease set to expire net month. The tenants are asking if they can stay month to month after the lease expires. For those familiar with Florida and Fort Lauderdale specifically, November-March are the "snowbird months" where rent is drastically increased. The current annual lease is $7,000/month. I am reaching out to see if anyone had any idea how we would go about raising rent for the tenants asking to go month to month and for it falling under those "snowbird months." I would really appreciate any help of guidance!!!

[Adam Schooley]

@Mason Schreck I live in Broward and have rentals here. Increasing the rent when a tenant goes month to month is a normal thing no matter what time of year it is. This is really up to you and your tenant on what mothly rent you can agree on. You had an annual lease and it sounds like you're thinking of doing STR's now when you say "snowbird months". I don't think that any tenant would agree to pay short term rental rates after paying a long term rate. If you're just trying to make up for the extra cost on taxes I would be honest with them and tell them you need to increase it by X amount per month in order to break even again.