Raising Rent?

[Christopher Henning]

Ok so we are looking at a property where the current rent being charged is $325 per month. The going average for the area is $500-$550. Without using a property manager, purchase the property we would want to raise the rent to the average for the area. Can you tell me what the best processes you have found to be successful at this? Gradual increases? Instant increase?

Any help you can give would be greatly appreciated.

Thanks in advance!

[Mark N.A]

Does your tenant have a lease? You cannot raise the rent in the middle of the lease.

And how long has the tenant been there? Are they good tenants?

Will you have to come in and paint and replace carpets and such? Or is the property turn-key rentable?

Personally, I will do most anything within reason to keep a long-term good tenant. But you are losing serious money with your below-market rent.

It's all a judgement call depending on certain variables.