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Updated over 9 years ago on . Most recent reply
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raising rent rates?
I am looking at buying a duplex that is already rented but needs some cosmetic upgrades (exterior paint, gutters, lawn care). My question is that once I make the upgrades and the rentals are worth more per month, how does one go about raising rent for existing tenants?
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@Tony White like @Jeff B. said it can be a tricky process. You just have to figure out what the market in your area commands and provide better. In his friends case I would say the tenants were almost already out the door because the rent was at or above market. Just a thought though.
Making cosmetic changes may not justify raising the rent. You will find that tenants don't really care if you have new gutters or not. For example, they care more about the stuff that benefits them most like if you are quick to repair things.
- James Wilcox
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