 rent (by audrey kovaleski [CT]) Apr 26, 2009 9:36 AM
 rent (by Jeffrey [VA]) Apr 26, 2009 11:47 AM
rent (by Robert,Ontario,Canada [ON]) Apr 26, 2009 3:42 PM
rent (by Virden [OH]) Apr 26, 2009 7:18 PM
rent (by billy [MA]) Apr 27, 2009 7:24 AM
rent (by Lynda [TX]) Apr 27, 2009 9:14 AM
rent (by audrey kovaleski [CT]) Posted on: Apr 26, 2009 9:36 AM
Message:
State Specific Question About: CONNECTICUT (CT)
what is the amount that we can raise the rents legally? The rents haven't been raised in atleast 4-5 yrs.? --99.179.xxx.xx |
rent (by Jeffrey [VA]) Posted on: Apr 26, 2009 11:47 AM
Message:
Audrey, I don't believe there is a legal limit to the amount you can raise the rent in your state. How much increase would bring the rents to comparable properties? Also what city are you in?
On other note, WELCOME if you are relatively new to this forum and it is not necessary to use your last name when posting. --64.12.xxx.xx |
rent (by Robert,Ontario,Canada [ON]) Posted on: Apr 26, 2009 3:42 PM
Message:
Basically what is the comparable rent of 2 or 1 bedroom in the town or city where the rental is located. It is better to raise in small 2 or 3 per cent rent increases every year then raise the rent all at once. If there is a vacancy rate in the area then one needs to be carefull about raising the rent to a very high amount. Often a look through a few local newspapers will provide what a typical rental is renting for. --206.172.xxx.xxx |
rent (by Virden [OH]) Posted on: Apr 26, 2009 7:18 PM
Message:
Raise rent next cycle or lease renewal time, put the increase in writing with pleanty of time for conversations about it and when they decide what to do then get it in writing so they leave before the day your repair crew shows up to unload the truck into that unit. --76.241.xxx.xxx |
rent (by billy [MA]) Posted on: Apr 27, 2009 7:24 AM
Message:
i dont think u have rc in ct so u can raise to market (but they may move of course.)i would increase somewhat maybe 10 or 15%.i would try to keep levels a bit below market.this seems to work well in my experience.compare to craigslist and newdpaper ad levels and i would stay a bit low. --208.58.x.xx |
rent (by Lynda [TX]) Posted on: Apr 27, 2009 9:14 AM
Message:
Welcome Audrey! I have a cousin Audrey--I always like that name.
Now, the question you SHOULD be asking is: What is the amount I can raise the rent to, which will still beat out my competition --without loosing my tenants??
First find out what the currents ARE for properties comparable to yours. If your tenants moved--what rents would they have to pay to get another place like yours?
Then use this knowledge to work your business to your own advantage. If you are at $900/mo and the comps out there are going tfor $1150, you can easily raise your rents to @ $1075/mo and still beat out the your cempetition. BUT--a jump like that ($175/mo)will probably loose you all your tenants.
As said above--do it in increments, and during turnover. In the above example, $75-$100/mo shd gain you a lot while keep the tenants you've got.
If you WANT a particular tenant to LEAVE, at the end of the lease you give than the full jump to $1150, and I'mm sure that will do it.
--140.140.xx.x |
Reply:
|
|