rent increase

[lrning]

After a year, I need to re-new the lease.
What is the nice, correct words to ask for rent increase in N. Tampa?
from $550 now to about $xxx or $595
thank you

[Dan Auito]

I have found it is easier for the tenants to swallow with dignity if you breakdown why the increase is necessary.

IE... Due to our taxes and insurance rates moving up by X % we are forced to raise our rental rate accordingly, please understand we ourselves are not making any more money as a result of this periodic increase.

We sincerely hope you can understand our position here and look forward to providing you with the most trouble- free housing available at the lowest possible cost.

Thank you so much for your understanding in this matter and we look forward to serving your needs promptly into the foreseeable future.

Side note to Lrning here: You might offer the tenants a break on the 12th months rent of say $45 for their understanding and good payment history if their new payments are made on time throughout the next 12 months!

[Debbie]

Lrning,

Dan gave you excellent solution.

My husband and I are landlords and we'd send letter 2-3 months in advance. Although, we don't give discounts but due to our reputation of our quick response to any requests/rental problems, we've never lost our tenants due to rent increase.

Debbie

[SlumLordMike]

Dan is a nice guy about it. I seldom offer any explanation for a rent increase. I simply approach the tenants (or my agent does) in person 30 days before current lease expiration. If they have been good tenants, I tell them so. I then offer to enter into a new rental agreement at a new rate of $xxx.xx. If they ask why I politely explain that costs rise every year but I have found that if I keep the increases around 5% for long term tenants most don't ask.

[Aldo]

Below is a copy/paste (name and address changed) of my 2/15/06 rent increase letter. Short, sweet and to the point - for whatever that's worth.

Ms Smiff
2659 S. 28498 St. #3
Milwaukee, WI 53000

Dear Resident:

As a result of continually increasing expenses, including taxes, utilities, maintenance, insurance, etc., it is necessary to revise the rental schedule. Effective April 1, 2006 the rent for your apartment will be increased to $605.00 monthly, an increase of $15.00. All other terms of our rental agreement will remain unchanged.

In order to keep your Security Deposit equal to one month's rent, the additional $15.00 of your Security Deposit is also due on that date.

Again, your new rental of $605.00, along with the added Security Deposit of $15.00 is due on April 1, 2006


Sincerely,



______________________
Property Manager

[Debbie]

Ms Smiff
2659 S. 28498 St. #3


Hey, is that the same Ms. Smiff from the "Puff the Magic Dragon" show? :SM083:
Or, was it Puff 'n' Stuff show? :SM032: