Boston high rise condo landlords: How to increase your rents
Are you a Boston luxury condo landlord? Or if you’ve just purchased a Boston downtown high rise condo and want to rent it out, chances are you’ll need to increase the rent at some point. Every year the value of rent is reduced by inflation, but expenses like insurance and repairs continue you to rise. Raising the rent is an important part of keeping your business viable, but you may hesitate the first time you prepare to increase your tenants rent.
With the following tips, you can eliminate the stress as a Boston high rise condo landlord and avoid losing tenants to hurt feelings and rising costs.
Offer a reduced rent hike for a longer lease
One strategy that can lessen the sting of a rent hike is offering reduced increase in exchange for signing a longer lease term, if your tenant is in 6 month lease increase the new lease to 12 months. This option might help you high rise condo tenant feel more at ease.
Make sure your rent hikes are legal
Before instituting a rent hike make sure you are able to legally allow to increase the rent as much as yo want. Is the rent fixed for the term of the lease and can’t be raised? If your tenant is month-to-month renter you need to be cautious.
Call your tenant before sending a written notice
An impersonal notice in the mail is important for legal purposes for legal rent hike, but it doesn’t do much for the emotional impact on the tenant. No one wants to hear bad news like a rent hike via mail. Show emotion and explain your situation to the tenant.
Be friendly, but remain firm
Regardless how you tell your high rise condo tenant about the rent hike, it’s important to stay professional yet friendly. Build a relationship with your tenats to encourage them to stay for the long run, but remain firm about your rent increase.