With our years of experience as property managers, we know that increasing a property’s rent is a delicate task.
First, you need to ask yourself what kind of value you’re offering to renters. Then you need to check the market if your rental price is competitive. Finally, you have to make improvements in your property so the rental increase is justifiable.
Basically, there’s a lot to consider. Which is why we created this designate article that will address all your questions about raising the rent on your Jacksonville, Florida property.
Keep on reading to start getting the most out of your investment now.
1. Clean up the exterior of your property
A clean exterior is attractive to prospective tenants. You can choose to hire professional landscapers to improve the general appearance of your property.
Below are other suggestions to maintain the upkeep of your rental unit:
- Keep your lawn neat by mowing it on a weekly basis.
- Driveways and walking areas should be sprayed with water to remove dust and dirt.
- Pay attention to landscaping or hire a professional landscaper to give your property a well-maintained look.
- Make your property feel like home by placing plants and flowerpots/shrubs.
- Repaint the front door, as this is where an impression will be made at first glance.
2. Install additional light
To brighten the space in your Jacksonville property, lights are the easiest way to make it more welcoming.
There are several decorative lights that can enhance your rental units’ appearance. You can also choose energy-efficient ones to save money and have a more environment-friendly property.
- Replace windows so more light will stream into the unit.
- Use lighter curtains to let in the natural light, it’s also a cost-effective way.
- Place mirrors in strategic areas to make it appear as if there’s more space.
3. Offer amenities
A tenant appreciates modern conveniences. Installing quality amenities in your property adds reasoning to your rental price increase. Older appliances and cheap furniture are also subject to damages. In the long run, this will cost you more for the constant replacements. It’s better to purchase quality and modern appliances and furnishings.
- Install modern appliances since these newer models are designed to be energy efficient as well, saving you more money.
- Tenants will come to expect tech features at the rent price they’re paying.
- Prioritize kitchen improvements by replacing plastic laminates with more durable materials and using stainless steel.
4. Paint your whole property
Set a budget to give your Jacksonville, Florida property a makeover by repainting both the inside and outside.
A fresh coat of paint gives a refreshing and inviting look. It also brightens up your rental space.
- Use paint in neutral colors and avoid color clashes with your furnishings.
- The added glow of paint also gives a property a bright clean look, raising appraisal value in the tenants’ eyes.
5. Hire professional cleaners
Tenants would feel welcomed as they walk into your recently cleaned property. The reason to hire professional cleaners is because they use high-quality cleaning products. Apart from saving you time, they’ll also do it in a quick manner. A clean property creates a great impression that equates to a higher rental price.
- A good property has clean floors, odor-free rooms, and a nice scent.
- Make sure to remove any mold to prevent further damage in your property.
6. Adjust rent price little by little
As time passes, it’s understandable that real estate properties gain more value and become more expensive to rent in. It’s advantageous to increase the rent price in your Jacksonville, Florida property a small amount each year. This sets clear expectations to your existing tenants about the incremental rent increase.
If you opt-out of this practice, they might feel surprised if you add a significant price hike later. Most tenants know that each lease renewal would entail a price increase due to market value and the cost of living.
- There’s no rent control in Florida unlike in other states so landlords can charge the rental price they consider to be appropriate.
- Make sure that the service and value you provide match the price rental hike you’ll set.
- Each lease renewal period must be accompanied by a small rent increase.
7. Give a 60-day notice before lease termination
It’s courteous to provide ample time to your tenants to adjust to the idea of a rent increase. Before the lease ends, notify your tenants through a letter or an email.
Giving 60 days is sufficient enough for them to decide whether to continue being a tenant in your property. It will also provide you with enough time to market your rental space should they decide not to renew.
- Send a rent increase letter or email and add an explanation about covering expenses.
- State the date when the rent price increase will be effective.
- If the lease is fixed, you can highlight in the new lease agreement the change in the rental price.
8. Be aware of the market rates
It’s a good idea to compare your rental charges with the other properties in Jacksonville.
You can’t adjust prices based on the expenses you have accumulated with your property maintenance. Doing so would encourage your tenants to look for other properties to rent in. They won’t pay more than what the current market dictates.
- Always check the market rates through actual rent prices (not the listed ones) in your area to get accurate data.
- Stay up to date on real estate news and always assess the value of your property in relation to the changing market.
Sometimes, landlords might feel apprehensive in raising their rental prices. However, if you carefully follow a systematic process, there’s no need to worry. Just ensure that your rental price is competitive with the other properties in your neighborhood.
Treat your tenants with respect by notifying them in a professional manner. Make your Jacksonville, Florida property attractive and keep it in great condition. These would help justify your rental price increase without fear of backlash from your tenants.