It’s no secret that inflation complicates many parts of the average person’s life. Goods and services become more expensive, and the money you have sitting in your savings account is not quite as powerful as it used to be.
For those who own property, it’s essential for you to slightly increase your rent from year to year to cover inflation. However, it’s essential that you write a friendly rent increase letter to help your tenants understand why they are going to pay more in the coming months, Before you get started as a beginner, you need to review some basic handwriting analysis tips and information.
The best way to write a rent increase letter to tenants who live in your properties.
Be as Straightforward as Possible
For most people, receiving a rent increase letter is not a pleasant experience. After all, who is going to be excited about paying more money toward their cost of living each month?
To help ease the distress it may cause, it’s best to be as straightforward as possible. Dancing around the topic with excuses or flowery language will only serve to irritate your tenants.
So, lay it out flat for them and clearly state how much rent is going to increase per month.
Keep the Language Kind
Being straightforward does not mean being abrasive.
The language that you use should always be kind and gentle. Many people are still struggling with the complications of the pandemic. So, they might not have access to the funds that they normally would.
Although this shouldn’t play a role in whether or not you increase rent, it’s important to be sensitive to the circumstances.
Give Them the Opportunity to Walk Away
Your letter should end with a request for a response from the tenant. This should either explicitly state they wish to remain at the property or declare that they plan on relocating after their lease ends.
This means there will be no ambiguity surrounding how they feel about your rental increase. Additionally, you will be able to confirm that they received and opened the letter. Although a lease renewal with a rent increase is ideal, you should still prepare to manage any vacancies that may occur.
Be Open to Communication
Your tenants may not fully understand why you are increasing rent. Additionally, they may become frustrated if they feel as though this increase is unfair to them. Be prepared to answer any text messages, calls, or emails that you receive about this topic.
It can go a long way in helping alleviate their concerns. Want to learn more about effective property management? You can view more at this resource.
Writing the Right Rent Increase Letter Is Easier Than You Think
Although it might seem awkward or unpleasant at first, the process is relatively straightforward. As long as you keep the language in your rent increase letter as kind as possible, you are unlikely to face any backlash.
Looking for more tips that can help you out later on? Check out the rest of our blog for plenty of more useful information.