In this issue of Houston Texas Property Management Tips we will cover the sometimes complicated issue of rent increases and we will offer you several tips you should consider before raising the rent at your rental property.
Tip #1 – Think About The Economy
Even though you’re ready to increase the rent because it’s a new year it’s important to keep in mind what’s happening with the overall economy in Houston because thanks to the recent drop in oil prices you could see more vacancies if you decide to raise the rent now at one or mor eof your rental properties so it’s best to use caution before moving forward with a rent increase.
Tip #2 – Analyze What’s Happening In The Neighborhood
Take a moment to analyze what’s happening in the neighborhood including if any new shops, stores, restaurants or amenities were built nearby in the last 12 months because added amenities or attractions can help to increase the demand for rentals.
Tip #3 – Determine The Correct Rent Increase
Although some owners might advice a blanket rent increase across the board the reality is that what’s working for one property owner might not work for you at your Houston Texas Rental Property so it’s best to calculate your rent increase carefully while taking into account your increased expenses for city water, sewer costs and property taxes.
Tip #4 – Give Your Renters Plenty Of Notice
For best results with rent increases consider giving your tenants at least 115 days before their leases are due to expire and in your notice to them you should also include a breakdown of the moving costs they can expect to pay if they decide to move elsewhere because some tenants might not really be aware about the cost of moving vs. renewing their leases until they see the cost breakdown in front of them.
Get More Houston Texas Property Management Tips
For more Houston Texas Property Management Tips, or to speak with us about managing your rental property, contact Vestpro Residential Services today by calling us at (832) 971-1841 or click here to connect with us online.