How much can I put the rent up by?
Rent needs to match what the market rent is in the area. Keeping it slightly lower and maintaining long term quality tenants is recommended. Having a property that is furnished or in really good condition is advantageous if wanting to raise the rent with good reasoning.
If wanting to raise the rent reasonable factors need to be considered. For example, if the tenants ask for something like a heat pump or dishwasher. This would warrant a weekly increase. It is recommended to keep the rent realistic and slightly lower when you have high quality tenants and can see them staying long term.
Remember that there has to be 60 days’ notice and written informing the tents of your rent increase.
Good day, Andrew Murray here from The Apartment Specialist. Talking about, how much can I put the rent up with my apartment.
So there are two factors here. You've got one, market rent - you can put your rent up or raise your rent for your tenants up to what all the other apartments in the area are rented for. Now, if your apartments furnished or in better conditions that enables you to lift your rent higher, it would be feasible for the tenant, i.e the tenant can't actually argue the Tenancy Tribunal or anything like that.
The other one is improvements. Now if the tenant has requested like, a heat-pump or a dishwasher when there wasn't one there, or there wasn't one needed. You can recoup your costs. If they've asked you to renovate the place - put in a deck. You can recoup your costs and look at putting up the rent 20, 30, 40 dollars a week to do so.
They're the two main reasons you can actually justify how much you can actually put the rent up. If it was already at a low level previously. Remember when you do put the rent up, you have to do a written notice. You have to give at least 60 days before the rental increase takes place.
Also, rent is really really good - when it's as high as possible, obviously. The more money for you the better, but remember it's often better to have a little bit less than you could have it to increase long term tenants. Because long term tenants are gold and if you think about it, if there are one or two or three weeks vacant, they can see when you're trying to get new tenants.
If you average that out - over the year. Well, you might as well had that slightly lower rent anyway. I hope that helps. Andrew Murray Apartment Specialists.
If you have any questions, flick me an email at [email protected] or call +6421 424 892 and I’ll be happy to answer your queries.