how do you handle Rent increases

[Linda Thomas]

Good afternoon everyone,

Looking for feedback on how you all handle rent increases. Do you just send the tenant a letter notifying them of the increase without having to agree or sign anything or have them sign a letter and send back to you? 

[Nathan Gesner]

I give them options:

1. Renew for an additional one-year term with an expiration date of [DATE] at a rate of [PRICE].

2. Continue on a month-to-month basis at the current rate + XX% (I use 25% for month-to-month terms but sometimes lower it depending on the market)

3. Vacate no later than the termination date of [DATE]

I ask for a response as soon as they receive the notice and require a response within seven days. If they ask for more time, I may give them a little more. They initial their choice and sign the bottom of the page. I sign it, and then we are locked into whatever decision they've made.