According to the latest Bureau of Labor and Statistics Report, the rent index is rising at an annualized rate of 3.6%. Is it time to raise your rents?
Probably. But generating increased rental income without suffering significant tenant loss can be a tough balancing act. It doesn't have to be if you follow these common sense ABC’s.
Assess
Step one is to do your homework on two fronts: the current rental market in your area and the value of your specific tenants. Ask these questions as you develop your plan.
Read more...The ABC’s of Raising Rents and Keeping Tenants
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