The Best Way to Raise the Tenant's Rent after Buying an Apartment Building | HoltonWiseTV Highlights
Channel: HoltonWiseTV
Date: 12/01/2023

If you raise the rent, you make more money, right? Wrong. Sometimes a rental increase will make you more money, but you've got to do it the right way. Raising rent on tenants the right way is very important to the landlord's bottom line profits. Some investors think the first thing they should do after buying an apartment building is to raise all of the tenant's rent. Doing it this way is not always advisable as it creates artificial turnovers. Instead, the best way to raise your tenant's rent after buying an apartment building is to do it in stages. If you raise all of the rents at once you may end up with an empty building. By raising the rent in stages you can still collect income while you are doing renovations on your vacant units. Additionally, it's important that you start raising the rent on your problem tenants first. Not all tenants are good for your business or your building. Start targeting the problem tenants with big rent increases first as these tenants moving out of your building sooner rather than later is not necessarily a bad thing. Subscribe to HoltonWiseTV for more property management tips.


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