Raising The Rent

[Russell Brazil]

I had a tenant turnover this month, and the unit is going up $200 a month. I have another turnover Nov 1 in another unit and that unit is going up $100 a month, then January 1 the rents are going up in my other 4 units. When all is said and done my current rents will go up $7,800 a year this upcoming year...which is great since I just sold a property that was throwing off about $1200 a month. Ill make up half of the loss of that property just by raising the rents.

One metric we often dont look at, and is really hard to measure is predicted future rise in rents. I purposefully buy in areas where rent growth is strong...and sometimes strong enough that I can make more just from rent growth than buying a new property.