TIME FOR THE RENT INCREASE PHOENIX PROPERTY MANAGEMENT
I wear many hats when it comes to Phoenix Property Management. One of the hats that I do wear is ensuring the owner is maximizing their rents when possible. I have found some owners avoid the annual increase when the tenants has paid rent on time each month as a reward to the tenant. Then, the other owner believes in rent increases each year to maximize their profit. Which owner are you? I can work with each one. Again, I work on behalf of the owner.
I do a market rental analysis on each property that comes into my company to ensure the owner is receiving market rents. Furthermore, I have a built in monitor control when leases are coming up in 60 days. Why? I do market rental analysis to discuss the possible annual rent increase. Most of the times the owners will agree with me when it comes to an increase in rent.
The rest is easy from this point. I send a "THIRTY DAY NOTICE TO INCREASE RENT." It explains the rent will increase to the new rental amount and the effective date to the tenant. The tenants have two options at this point in time:
- Accept the rent increase and stay in unit
- Give landlord proper 30 day notice to vacate
Finally, it has been my experience that tenants will accept the reasonable rent increase than move out. Many people including myself do not like moving. Overall, life goes on.
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