Writing a rent increase letter seems to be simple, but it is actually not. When sending a rent increase letter, the tenant should accept it. The letter should be done properly as the relationship between tenant and landlord is delicate and needs to be maintained. You will have to increase the rent of the property to maintain your property market value in Calgary. The rent you receive will be added to the maintenance cost of your property. If you don’t increase the rent, then you may have trouble in the maintenance. To save the day, our real estate agents are providing you with tips on writing a rent increase letter.
The communication between the landlord and the tenant should be healthy. It will prove beneficial when you are increasing the rent. Every real estate agents say every landlord has to increase the rent; it is inevitable. Sometimes, the landlords increase the rents due to the market value, but sometimes the rent is increased due to the costly maintenance of the property. When sending the letter, you will have to state every detail clearly and precisely, so the tenant understands the letter correctly.
No one has ever welcomed a rent increase letter with a smile! As everyone is fighting with their daily expenses, they would be struggling with the bills, so it hits them to see a hike in the rent. You will have to write the letter courteously; an incorrect letter may lead the property to get vacant. Write the letter correctly so that you don’t have to go and found another tenant.
State the Reasons
Hike the rent in the lease period, and at the beginning of the letter, mention the evaluation period, which has begun. Proceeding with the letter, you will have to state the reasons behind increasing the rent. The reason could be a hike in property tax, inflation or poor maintenance of the property. When stating the reason, be honest, the tenant will feel that reason is genuine. Tenants will understand that the landlord needs the money and the landlord is not greedy.
Praise the Tenants
When the tenants are praised in the letter, it will make them tough to get anger on rent increase. If the tenants are maintaining the property very well, then praising the tenants is a must. Make them feel important and tell them you want them to continue as the tenants. Give them a prior notice so it will help you to find a tenant in the meantime if the tenants are moving out.
Real estate agents suggest that you should never be vague when writing rent increase letter. Be specific about how much the increase will be and from when the hiked price will be imposed. If you are looking for property managers in Calgary, then we are the people that you can rely on. You can contact us for our services when required.