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How landlords can raise rent and keep their tenants happy

Many landlords in Miami are looking for ways to raise rent while keeping their tenants happy. The key is to ensure that any increase is fair and reasonable and that the tenant is given enough notice before the rent goes up. Landlords should also be prepared to negotiate with their tenants and be willing to work out a renewal rate that works for them as well as the tenant


In this article:

What is a rent increase, and why do landlords need to raise the rent

A rent increase is when a landlord asks for more money from their tenants. A rent increase can occur for several reasons, but the most common one is that the landlord needs to raise the rent to cover rising costs. Some reasons why landlords in Miami tend to need to raise rent:

  • Higher property taxes

  • Condo special assessements

  • Higher association fees

  • Increase in demand

Research the market

One way to ensure that your rent increase is fair is to research what other similar rentals are on the market and what they have rented for in the area. Check only portals or ask your real estate agent to send you similar active and leased rental listings in your building and neighborhood in the past 60 to 90 days.


Then make sure that your increase is in line with the leased data. You don't want to charge too much. Overpricing your renewal could price tenants out of your unit, but you also don't want to charge too little and leave money on the table.






Methods landlords can use to raise rent while keeping tenants happy

There are several methods that landlords can use to raise rent while keeping tenants happy. Again, the essential thing is to be fair and reasonable and to give tenants plenty of notice before the rent goes up.


Some ways you can raise rent while keeping your tenant happy are by making updates to the condo, such as:

  • Update appliances

  • Make renovations

  • Include a utility or internet

How much notice should be given before raising the rent

Another way to keep your tenants happy is to give them plenty of notice before the rent goes up. Some leases may have a clause that specifies how much notice you need to offer, so make sure you follow that. In general, it's best to give at least 30 days' notice so that tenants have time to budget for the increase.

The Miami-Dade board of county commissioners has recently passed an ordinance that requires landlords to give at least 60 days when raising rent for more than 5%. I recommend giving tenants 60 to 90 days' notice to give the tenant more than enough time to decide if they want to stay or find a new apartment.



Negotiating a rent increase

Finally, be prepared to negotiate with your tenant. If they are unhappy with the proposed rent increase, allow some room to negotiate. Listing your condo for rent comes with additional costs as you have to prepare the condo for the market, and there will be at least a one-month vacancy which means you will miss a month's worth of rent.


Suppose you have a responsible tenant that hasn't cost you any problems you should factor in when negotiating with your tenant. You may risk having a less responsible tenant that may cause issues if your current tenant decides to move out due to your rent increase.


Conclusion

Landlords in Miami have a few different ways they can raise rent while keeping their tenants happy, being fair and reasonable, and giving tenants plenty of notice before the rent increases can go a long way. Raising the rent doesn't have to be a stressful experience, as long as you are prepared and willing to work with your tenant.




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