When we began investing in real estate 25 years ago, we didn’t raise rents on a regular basis. We were afraid that raising the rent would cause the tenants to move. We now realize that was a mistake. For example, we have a tenant who has rented a townhouse from us for the past 20 years. The market rent on the townhouse is currently $1,895 per month. Due to our decision to “go easy” on the tenants because we like them and have known them for so long, we are only receiving $1,240 per month! We are losing $650 per month, multiplied by 12 months, is $7,800. Eight thousand bucks every year is real money! Our decision to NOT raise rents regularly has cost us dearly. Don’t make the same mistake we made. For more on raising rents regularly, click here.
Have you discovered any tips for raising rents on a regular basis? If so, please share your tips:
- Enter your comment below
- Tweet us on Twitter
- Subscribe to our YouTube channel
- Follow us on Instagram
- Pin us on Pinterest
- Follow us on Google+
The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.