One of the most common landlord questions is “Should I raise my rent?”. There are a few things you need to consider before increasing it.
At Visture Property Group, we do not increase the rent until the next tenant turnover. Unless the rent is significantly under the market value. But, if it’s on the market value, we prefer longer tenancy rather than a tenant turnover every single year.
Folks, tenant turnover is expensive. Not only that you have a risk of being vacant but the risk of advertising is there as well. It can costs $200 up to $400 for advertising to fill an apartment. The risk of being vacant in a month can costs you more than the monthly rent of your property.
Visture Property Management is here to help you realize that the risk is not worth it. Advertising costs are way higher than the 2% rent increase you’re going to get.
Remember to increase your rent if it’s below the market value, folks!