PORTLAND, Ore. – Rent increases are one of the top things that Portland Oregon renters are talking about in 2016 because, sadly many owners are justifying the hot rental market here in Portland as reason for them to raise the rent on their tenants.
Thankfully recent action by the City of Portland Oregon and also the State has made it more difficult for unscrupulous owners to raise the rent on their Portland Oregon renters because, they have to follow procedure and give their tenants ample warning that a rent increase is imminent.
If you own one or more properties for rent in Portland Oregon and you plan on raising the rent on your tenants, make sure that you do it correctly by following these simple steps.
Step #1 – Provide Reasons for the Rent Increase
The first key to success with raising the rents at your Portland Oregon rental property is to provide your tenants with reasons for the rent increase.
Some of your reasons for increasing the rent may include the fact that your costs are rising due to: property taxes, insurance and cost of owning a rental property in Portland Oregon.
When you submit a rent increase to your tenant make sure that they are well aware of the reasons why you are raising the rent so that they don’t see you as another landlord who is raising the rent on them without making any improvements to the real property itself.
Step #2 – Work within the Laws
Thanks to recent actions by the City of Portland, Portland Oregon landlords now have to give their tenants a 90 day notice that their rent will be increased. Although this new 90 day window, which became law on November 13th 2015, may seem like an inconvenience to some landlords, the reality is that it’s always better to work within the law and respect the rights of the tenants rather than treating them poorly.
Step #3 – Remember To Communicate With Your Tenants
After submitting a rent increase to your Portland Oregon renters make sure that you take the time to communicate with each renter personally.
Consider contacting each tenant to verify that they have received the notice of your rent increase and while you’re in the process of communicating with your tenants you should always reassure them that this rate increase will only be an annual increase and that there will not be any other monthly increases coming up down the road.
Many people still remember the real estate crash of 2007 and are now wary of rent increases from owners because some owners back then were not financially stable and many renters back then found themselves living in properties that were about to be foreclosed on without their knowledge so communication pays off especially when it comes to maintaining a tenant-owner relationship.
Step #4 – Break Down the Cost of Moving For Your Portland Oregon Renters
Another helpful thing to do with your Portland Oregon renters is to break down the cost of moving to your tenants who may be thinking about relocating to another rental property in Portland Oregon.
Right now we without a doubt have one most expensive rental markets in the United States and to rent an average one-bedroom apartment here the typical renter is looking at a deposit of at least $2500 or more and with moving costs an average renter here can expect to pay upwards of $4000 to move into a new rental property, even if that rental is just a few miles away from their old Portland Oregon rental.
By breaking down the cost of moving to a new rental property you will help your Portland Oregon renter to see that it’s better for them to stay where they are even if they will be paying $100 or more per month rather than having to pay a huge upfront cost to move to another rental where they would only realize a moderate savings over a 12 month period.
Step #5 – Offer Incentives for Your Tenants to Stay
Depending on how many tenants you have currently living in one or more of your Portland Oregon rental properties you should consider offering your tenants incentives to stay in their rental properties.
Some of the most common incentives that landlords offer their tenants in 2016 include: free Wi-Fi, free gym memberships, free Netflix, free phone service, restaurant vouchers or gift certificates to local businesses.
Offering your tenants gift certificates or incentives to stay in the rental property may cost you money initially but the reality is that you are really saving money by retaining an excellent tenant in your rental property rather than having to spend the time, money and hassle of searching for another Portland Oregon renter once again.
Step #6 – Work Harder On Improving Your Rental Property
As you get closer to raising the rent on your Portland Oregon renter remember that another helpful thing you can do to ease the transition of increasing the rent is to take steps to improving your rental property by: improving curb appeal, painting interior walls, cleaning carpets, improving flooring, renovating the kitchen, improving the bathroom or investing in energy-efficient windows.
These are all common sense steps that you can take to improve your rental property and make an easy transition to raising the rent on your tenants because, once they do ultimately receive that rent increase they will know that you are making every effort to provide them with a high-quality place to live rather than comparing you to just another “slum lord” in the Portland area.
Step #7 – Offer Better Customer Service & Support
Last of all, but most important besides all the tips mentioned in this article one the best things you can do before raising the rent on your Portland Oregon renter is to offer your tenants better customer service so that any time a call in with questions, issue or concern they will be able to connect with an actual human being rather than being faced with leaving a message on your voicemail without the hope of actually getting a response from you.
If communicating with your tenants is not your forte, you should consider investing in Portland Oregon property management.
Property management is a lot more affordable than you neophyte in the past and it will save you time, money and hassle of having to manage your rental properties yourself.
To learn more about organ Oregon property management contact property management systems today by calling us at (503) 515-3170 or click here to connect with us online.