If you have a rental property, nothing is more important than having a good tenant! So, if you find yourself in the fortunate position of having a tenant who pays the rent on time and takes good care of your property, DO NOT RAISE THE RENT!
Perfectly good tenants can be forced out of a property if they are hit with rent increases every year and that’s the last thing you want to happen! For an extra small amount of money, you as the landlord could be in the position of having to turnover your property……have it cleaned, maybe painted, maybe needing small repairs and of course, advertising and showing the property to prospective tenants AND missing out on rental income. All for a few extra dollars….Not a good idea!
If you think about it from the tenant’s point of view, they are getting a good deal and everyone wants a good deal especially for your biggest monthly expense which is your housing. The happiness that comes from having a good deal keeps tenants staying year after year and that is the best situation a landlord could hope for. What’s better than consistent income month after month after month?? Nothing, in my opinion.
Happy tenants are invaluable and they will stay forever if you don’t raise the rent so DON’T RAISE THE RENT!!!
This is one of the best pieces of advice I can possibly give you and if you’re looking to hire a property manager who looks out for you please give K&K Property Management a call. We’ll be happy to talk with you to see how we can help you with your rental property. Consultations are no cost and there is no charge to you until the first month’s rent is paid. Hiring K&K Property Management is a smart move!