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Repair costs have risen 10%, property taxes have jumped 20%, and your stress levels as a landlord have increased 100%. It's time to raise the rent at your Melbourne rental property again.
Research shows that the city's rent increase year-over-year exceeds the United States' average rent growth of over 12%. That's because Melbourne's growing economy has sparked population growth and a rising demand for homes for rent. Florida also prohibits rent control legislation, meaning you have the right to raise rent.
The cost of rent helps you maintain your property as a landlord, so increasing it is sometimes unavoidable. Let's explore how to write a notice of rent increase.
Notice of Rent Increase Details
Rent increase letters may cause tension or awkwardness in landlords' tenant relationships. This is why it's essential to keep your notice brief. Your letter should contain the following details:
- Notice date
- Your address and name
- Your tenant's address and name
- Final day of your tenant's current lease
The letter should also feature the rent increase amount and the date it will go into effect. Give your tenant a timeframe for accepting or rejecting their lease renewal, too.
Nonpayment Consequences
Explain in your letter the consequences of not paying the increased rent, which may include eviction. This isn't a threat. You're stating a fact.
Ask For Confirmation
An important part of drafting a rent increase letter is asking your tenant to confirm they've received the notice and accept the terms. They can do this by emailing or mailing you a response in writing so you have a tangible record.
Remember that upset tenants might want to speak with you about their rent increase. Others might ask why their rent amounts are rising.
Give them your phone number and email address and a good time to contact you. Avoid being difficult to reach, as this may make your tenants feel like you don't care about their feelings or are attempting to avoid them.
Notice to Tenant: Language Tips
How you share news about your rent increase is as important as what you share in your letter. Avoid being emotional or apologetic in your notice. Keep your language neutral instead.
Being overly kind in your notice may come off as hypocritical or hollow to your tenant since nobody embraces rent increases. Stick to straightforward yet polite language.
End your notice by telling your tenant how much you appreciate them. Being appreciative and courteous may encourage your renter to stay with you versus looking for other homes to lease.
How We Can Help You With Your Rental
A notice of rent increase should contain the final date of your tenant's current lease and how much their rent will increase after that. Explain the consequences of not paying rent. Give your tenant your contact information in case they want to speak with you further.
PMI Space Coast is Melbourne, Florida's, top provider of property management services. We can help you handle tenant screenings, marketing, and more.
We'll even perform a rent analysis to determine if you're pricing your rent properly and show you how to increase rent. Schedule a consultation and receive a free rent analysis today!
