Tenant retention is the key to successful New Port Richey property management. Naturally raising rents also becomes a necessity since every property owner wants a good ROI. There are means of doing so, without losing one's tenants, and here are some expert recommended tips:
Every manager must start by taking a look at his operational costs. Have these gone up? Have the insurance premiums increased? If yes, can you create a financial report that can be used as a basis for showing tenants why you are raising the rents? When you have such a solid document, you can ensure that understanding tenants will realize the reason behind the increment in rent.
Next thing to do is to determine if the rental rates in the area have also increased. In such a case, you will be required to do some research and not just rely on hearsay. If needed, you can also pose a renter and visit rental listing websites to see what the going-rate in the area is.
Thirdly, you should do some research as to whether prospective tenants are willing to pay the said amount. You can do so by listing your vacant units at least 60 to 90 days in advance and then take a call as to what they are saying about the advertised rates.
These are some ways of increasing the rents without disappointing tenants.
