Though it may seem like there’s no way to raise rents without upsetting tenants, apartment marketing expert Kate Good has several tips for making necessary increases go smoothly.
According to Multi-Housing News, Good suggests the following ways to ease tenants into paying higher rents:
1) While you should deliver the news of the price increase with confidence, you should also be sure that you and your staff are prepared to give good reasons for the increase should tenants ask the question. Such reasons likely include your own increasing costs, escalating demand for rentals, or upcoming renovations to the property. Whatever your reasons are, taking the time to speak with tenants can go a long way in encouraging them to renew their leases.
2) Good says that when raising rates, landlords should use some of the new funds to make improvements to the rental property. A visible commitment to making your building a safe and pleasant place to live will go a long way toward alleviating any negative feelings tenants may have about paying higher rents.
3) Finally, Good recommends that landlords be open to the feedback from the marketplace. If too many tenants choose to move out rather than pay increased rents, don’t be afraid to scale back on the increases until your vacancy rates drop back to acceptable levels.