No one likes to pay more for what they're already getting. Yet rental increases are expected and often necessary to cover the increased cost of goods and services required to maintain your property. If you are about to renew a tenant's lease agreement and are looking to raise the rent, you may be wondering what the best way is to inform your tenants of the increase.
A properly written letter which sticks to the facts of the increase is your best bet in a getting a favorable reaction and retaining your tenants. Simply state the increase in terms of percentage, and perhaps take it a step further and figure the daily cost of your monthly increase. Most people would choose to remain in their unit for an increase of a dollar or two per day rather than incur the cost, and hassle, of relocation.
Do not be afraid to view this as a sales letter. Remind the tenant of the quality amenities they enjoy, such as laundry in the unit, well-maintained landscaping, or that new dishwasher you installed a few months before. If you fall under the jurisdiction of rent control, you will most likely be required to include the city's legal document which calculates your maximum allowable rent increase, which is often a nominal 3-5% increase.
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