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How to Tell Tenants You're Raising Rent: A Basic Guide

System - Friday, September 23, 2022
Property Management Blog

Inflation is at a four-decade high in Jacksonville, which is impacting everything from groceries to rent. As you manage your budget, you may be thinking about raising rent on your rental properties.

Raising rent can be challenging as you must walk the line between managing tenant expectations and making sure you get the best value from your rental property. You must take the right steps to avoid any legal issues in the future.

Before springing a significant rent increase on a tenant, consider your approach and attitude. Keep on reading for a basic guide on how to tell tenants that you are raising rents.

1) Know the Law

You need to understand the law behind when and how to raise the rent. The first thing you need to know is that Florida law does not have any limits on how much you can increase the rent. Based on market pricing, you can choose to increase your rent as much as you would like.

You are not allowed to raise the rent in the middle of the lease term, so keep the terms of the agreement in mind before you make any decision. Your lease terms may give you the right to increase the rent with a certain amount of notice.

2) Communicate Expectations

There’s no guide on how to be a good landlord, but you don’t need a guidebook to know that the best way to avoid any tenant backlash is to communicate regularly and manage expectations. If you are considering increasing rents, you want to make sure to give as much advance notice as you can. 

For annual lease terms, notice is not required, but a 30-day notice is standard. For a month-to-month lease, you must provide at least 15-day notice. To maintain positive relations, you may want to give more notice.  

3) Manage Communications in a Clear and Unbiased Way

You want to make sure that any communications about raising the rent are done in a professional and clear way. Your tone should be unbiased without emotions coming into play. If tenants get upset, you want to make sure that you maintain your positive attitude during any discussion. Once you’ve had initial communications, send the notice of rent increase in writing.

4) Offer Different Payment Methods

Managing a rental can be stressful, so you can reduce your stress by working with your tenants. Consider offering different payment methods or easing into the higher rent over a few months to reduce the immediate burden on tenants. Consider alternative payment solutions through discussions with your tenants.

Work With Your Trusted Jacksonville Property Managers When Raising Rent

You can manage the risk and expectations of your tenants when raising rent if you do it the right way. Rather than rushing in and demanding an increase, work with your tenants to find the best solution. Property management companies also have the relevant expertise to make the transition to an increase in rent easier for you.

Contact us today to take advantage of our expertise in leasing and management. Whether it's rent collection or raising rents, we can work with you to find the best solution with integrity and respect.