Best Method of Increasing Rent

[Frank Fiore Jr]

Long and short of it; I want to raise the rent 100$ a month; and plan on doing it over the next year; with $25 increments every 3 months.

Suggestions on other methods?

1. We have a verbal TAW agreement; currently; (6 month lease has expired) that will be changing to writing TAW in a month or two; as I work on my new agreement and updated clauses. (I will have written information pertaining to scheduled rent increases going forward)

2. They are good tenants that pay on time and take care of the inside of the apartment. (mentioning only as a point of reference that I have been debating this for a while)

3. I am betting 50/50 that this will make them move out, but if they do I know I can get more than what the rent will be with the increase.

4. I haven't raised the rent in 2 1/2 years . From the day they moved in.

I have debated the $100 a month vs. a good tenant but I need every penny I can get out of this place and even @ $1000 a month it is below value. So i am trying to make it a manageable increase and not lose a good tenant.

[Lynn McGeein]

Just want to add that while they might initially be upset and want to move, if they look around and see that you are still their best bet even with your increase, you'll most likely keep them.