Property taxes, insurance and maintenance rise almost every year. Owners who never adjust rent end up subsidizing the unit. Owners who raise it too sharply often lose good tenants and pay for a vacancy instead.
Do the math first
Compare the current rent with what similar units nearby rent for, and with your own rising costs. Remember that a month of vacancy usually costs more than a modest increase brings in during a year.
Timing and notice
Increases are usually made at renewal. The lease, and the law where the property is, decide how much notice is required and how it must be delivered. Give it in writing, keep a copy and keep proof of delivery.
Keep good tenants
A tenant who pays on time and cares for the unit is worth a lot. A smaller increase, or a longer lease at a set rent, can be the better deal.
Our rent increase calculator shows the new rent and what it adds over a year.
General information, not legal advice. Your lease and landlord-tenant law decide notice and limits.
This article is general information, not legal, tax or regulatory advice. Rules change; confirm current requirements with the responsible agency or a licensed professional.
