The reason is that there are fewer rental properties available and a large number of renters are looking for affordable properties. Over the past year, rent prices have crept up about 20 percent nationwide, according to ApartmentGuide. If you're planning to raise rent sometime soon, you're not alone.
Not sure how to write a rent increase letter? Here's an overview of what the letter should include, how to send it and when to deliver the notice to your tenant. Standardizing this process will help you apply rent increases consistently and equitably for all your tenants. Many states have rental laws that stipulate how much you can raise a tenant's rent, when you can increase rent and how and when you're required to notify tenants that their rent is going up.
And when the time comes, you need to write a rent increase letter to tenants informing them of the change. Increasing rent each year is a common practice for many property managers. Follow this process to notify your tenant of an upcoming rent increase.
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