If you’re a Florida landlord, you know that rent prices are constantly on the rise. But what if you need to raise your rent prices even more? How can you do this without losing your current tenants? In this blog post, we will discuss some expert tips for raising rent in Florida without losing tenants!
Rents in many Florida cities have gone up 30% to 40% in the last year and continue climbing. Should you keep raising rents as they go up and potentially end up losing a tenant? That is a question that all landlords in this heated market are asking.
The answer may depend on your market and what your tenants can afford, but there are some things to keep in mind when making the decision to raise rents:
- Can your tenant still afford it? You qualified them based on a rent price that was much lower. If they still qualify then you shouldn’t have issues with raising the rent. If they don’t qualify prepare for late rents and possibly missed rents even if they are good tenants now.
- What would a turnover cost you? If the tenants have lived in the property for a long time, preparing the property for a new tenant may be costly. Are you accounting for at least one-month vacancy and rent-ready costs? Is it worth it?
- Try to keep your rent increases reasonable. If you raise them too high, you’re more likely to lose tenants. In this market, it’s important to be mindful of what other landlords are charging for rent and try to stay competitive. The best way to deal with rent increases is to include them in your lease. The tenants will expect a rent increase and will be less likely to leave. (Check our Florida Rental Forms Bundle)
- You could make some concessions if you want to keep your tenants happy. If you’re planning on a large rent increase, consider offering a longer lease term or additional amenities. Sometimes, it’s worth it to give a tenant a little break in order to keep them in your property. Some concessions could be beneficial to you and your tenants, like property improvements, annual deep cleaning, etc.
- Finally, always make sure to give proper notice if you plan to increase rent prices. Check with your lease and Florida state law on the required notice for lease renewals and termination, so make sure to put it in writing and give your tenants plenty of time to prepare.
Does Florida Have Rent Control Laws?
There are no rent control laws in Florida. Landlords are still able to raise rent prices as they see fit, as long as they give proper notice to their tenants.
Tenants in certain cities hit hard by the rent increases, cities like Tampa, Orlando, and Miami are demanding solutions. Florida is a development and landlord-friendly state and it’s unlikely that rent stabilization and control will be enacted anytime soon.
Instead of rent controls, the city of Tampa is planning to release $5 million as a relief to the residents of the city of Tampa, who are struggling to pay rent.
I am pretty sure more counties and cities will take a similar approach, subsidize tenants instead of imposing rent controls.
So, if you’re a landlord in Florida and you need to raise your rent prices, just follow the tips above.
Do you have to explain to tenants why you are increasing rent and what to tell them?
Or is it better not to say anything?
Some landlords choose to explain the reasoning behind their rent increase, while others find that it’s best not to say anything. If you do decide to explain the increase to your tenants, be sure to do so in a calm and professional manner. Avoid raising your voice or getting defensive, as this will only make the situation worse.
If your tenants ask why you are increasing rent, thank them for their inquiry and explain that your business expenses such as real estate taxes and insurance have increased and to stay profitable you need to raise the rent.
At the end of the day, it’s important to remember that you are running a business and need to do what is best for your bottom line. However, you also need to be mindful of your tenants and their ability to pay rent. If you follow these tips, you should be able to raise rent prices in Florida without losing tenants!
For more expert tips on how to manage your rental property, be sure to check out our blog!
By following these tips, you can successfully raise the rent in Florida without losing tenants. If you have any questions or concerns, be sure to consult with a property management professional. They will be able to help you navigate this process and make sure that you are taking the best possible course of action for your property. Thanks for reading! We hope this blog post was helpful.
