Not Increasing Rent. How Much Are You Losing?

If you aren’t incrementally increasing rents, you could be losing more money every year that goes by. Your property taxes increase and wear and tear is a regular expense.

Between property taxes and ongoing maintenance costs like water heaters, appliance repair and replacement, leak repair, etc, expenses with property ownership can grow. This doesn’t even include the amount of repair after a tenant leaves. Those can be major deterrents to life as a landlord. 

However, if you do small, incremental rent increases, you can mitigate some of those unforeseen expenses. Also, if you do this every year, you can teach your tenant to expect increases to their rent every year and never have the difficult, “why is my rent going up” conversation again all while collecting more rent!!

The big question now, how far off market rent are you? Is it best to work with your tenant? Maybe it’s not worth it and it’s time to replace your property for one that is currently generating market rent. Contact me today to help you walk through this decision making process.