Advice on Raising rent

[Kyron Ryals]

Hey everyone I have a quad in Philadelphia and our rents are super low why cause we inherited our tenants and decided to let them keep the same rent until the new year. This month I want to let them all know that we will be raising the rent in Jan. This way if they dont want to stay I can have time to find new tenants and all that jazz. I am wondering is this a conversation I need to have with each of them individually, or should I drop something in their mailbox, or even have a meeting with all of them to let them know what's going on?   

Also the way I was thinking fo doing it was 50 if they sign a one year lease and 30 this year and 30 next year if they sign a two year lease. What are some of the ways you guys increase rents? 

[Dennis M.]

I’d Avoid any possible turnover around December or January . A 50-100$ rent increase isn’t going to help your bottom line if it results in a vacancy making you lose 1000 in rental income that month and a half