When to notify tenant of rent increase

[Joshua Myers]

I'm wondering when people on BP normally notify their tenants of upcoming rent increases. In the past I've given 2 months notice to be generous and give people time to figure out if they want to move somewhere else. I haven't minded tenants moving because I've been upgrading properties and bringing rents up even more. But now that things are slowing down I'm not sure if that's the right way to do it.

Any thoughts?

[Nathan Gesner]

Quote from @Joshua Myers:

I'm wondering when people on BP normally notify their tenants of upcoming rent increases. In the past I've given 2 months notice to be generous and give people time to figure out if they want to move somewhere else. I haven't minded tenants moving because I've been upgrading properties and bringing rents up even more. But now that things are slowing down I'm not sure if that's the right way to do it.

Any thoughts?

I try to inform tenants 30 - 60 days out, preferably the latter. I give them several options:

1. New rent rate of $XXXX and a one-year extension

2. Month-to-month rental at $XXXX plus 25%

3. Terminate the lease and move out no later than 11:59PM on [DATE OF TERMINATION]

I also set a deadline for their response. If they fail to respond, their lease automatically converts to a month-to-month at the higher rate.