Economy good, homes selling for a lot more then in many years.

Do you think it is a good time to raise rent?

Yes.

How will we maintain our reputations as greedy landlords if we don't raise the rent? (sarc). Bill

On a serious side, taxes, repair labor, insurance and everything that we pay to own our places are all rising. We cannot afford to just pay them indefinitely without raising prices to cover them.

A letter to the tenant explaining this might help, however most tenants do not care what our costs are, only theirs.

My taxes and insurance all went up. I raised most of my places just a few $ a month. I'm guessing next year they will go up more, and I'll definitely raise them more!

NE in Pa, could you please describe your self raise letter?

Sure Partick, here you go. Not my original idea. Its from this site, tweaked to fit my needs. I have yet to have this not work and its the only way I will raise rents anymore.

This is the exact letter I sent out I referred to above.

It goes on company letterhead, names have been changed to protect the guilty.

Letter:

Thank you for your long term tenancy at 123 Main St.. Upon review of leases recently, we notice that it has been some time since your rental rate has had any adjustment.

We strive to keep rents as low as possible for folks, as we know times are tough. The current comparable rent for a 1 bedroom apartment without utilities included is around $575.00 per month.

We know that would be a substantial increase and want to keep you as a resident. Costs of operating the buildings increase year after year and those costs must be spread out. Instead of increasing the rent that much, we like to give our residents an option.

We would like YOU to determine what YOU are comfortable with, as an increase in monthly payment.

We know the headaches and cost involved with moving and want to be as fair as possible with all of our residents. This method has helped residents be able to stay in an affordable unit without having to pay a market price that is beyond their comfort level.

Please fill out the following and return it ASAP:

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I/We are comfortable with a rent increase of $______.___ to a new payment of $______.___, beginning on May 1st, 2018.

Signature(s):_________________________________Date:___/___/______

If we don’t hear from you within 60 days, we will assume you are comfortable with the rental increase and a new payment of $575.00 beginning on May 1st, 2018.

Thank you for your attention to these matters,

The Best Landlord, LLC

My expenses affect what my profit will be, but they don’t affect the rent.

I try to raise the rent every year, but when the market sucked some tenants ( but not all) went several years without an increase.

I don’t want a good tenant to move ( I’m fine keeping them 10 - 15%) below market.

When the market moves, my rents move.

I have found over many years that my tenants don’t move because of an increase unless they are already having financial problems.