Increase Rents
Several of our clients are owners of rental properties who have refrained from adjusting their rental rates for an extended period. Their hesitation stems from concerns about tenant retention and a desire to avoid the perception of being overly profit-driven landlords. However, as their operational expenses steadily mount—including taxes, insurance, utilities, maintenance, repairs, and future capital expenditures like roof or furnace replacements—we emphasize the detrimental effect of this stagnation on their financial progress.
We guide them through a strategic approach, illustrating how their current stance hinders their property ownership objectives. Encouragingly, we advise incremental rent increases annually. This allows tenants to anticipate and budget adjustments while enabling our clients to keep pace with inflationary pressures and rising costs. By implementing this proactive measure, our clients can maintain sustainable profitability while providing fair and reasonable accommodations for their tenants.
