Tenant Issue: Rent & Visits... - Posted by Jeff

Posted by DanT on June 25, 2001 at 05:38:04:

We focus on retention of tenants. Not everyone will agree with this theory but here goes. We only raise rent on an existing tenant when our direct operating costs go up or the unit has become $75 a month below market. And then we only raise it $25 usually. I would rather keep a tenant for lengthy periods and make a little less month to month than to turn the unit and make a little more as rehab costs are substancial as well as the time to rent the unit.
Question #2. We do drive by visits monthly and only visit the inside of the unit when repairs are needed. Hope this helps. DanT

Tenant Issue: Rent & Visits… - Posted by Jeff

Posted by Jeff on June 24, 2001 at 22:54:25:

For those of you who rent your units:

  1. How often do you raise your rents, and by how much?

  2. How often do you enter/visit the unit the tenant is liviing in to check on the damage & Pet situation?

All replies welcomed.


Re: Tenant Issue: Rent & Visits… - Posted by Jim Rayner

Posted by Jim Rayner on June 25, 2001 at 05:40:09:


#1 I raise rents for tenant at will units at least once annually if the tenant is holding over this year the increase will be 7-8 percent as suggested by HUD and the CPI as well as a review of my own operational expenses and property improvement costs. Lease tenants get the same when their renewal comes due.
Units that become vacant are then rented at full fair market value to the next tenant which may be more than the 7-8 percent current annual increase.

#2 I do not hold security deposits… too much trouble. I prefer to bill for damage as it comes along. I have quarterly inspections of all units. Damages are noted and my maintenance crew repairs and the costs are billed to the tenant as additional rent under the terms of their rental agreement or lease. Failure to pay for the damages results in eviction. This requires a careful and detailed statement of conditions within 15 days of the start of a tenancy. This has worked out well so far.