Dean & DeWitt
As a rental property owner in St Petersburg, FL, you probably know that good tenants aren’t easy to come by. Finding them requires experience, knowledge and time. So naturally, when you get them, you’ll want to hold onto them for as long as you can.
But what should you do when you need to raise their rent?
It could be that the costs of maintenance have gone through the roof or maybe the cost of living has shot up. Perhaps, it could be that property and income taxes have been adjusted upwards.
Remember, your rental investment is a business. And, the goal of any business is to make profit. So, when property expenses increase, you’ll need to adjust your rent price in order for your rental business to continue being profitable.
Albeit, increasing rent is, without a doubt, risky. Raising it could leave your tenants scurrying for a new place to call home. Opting not to raise it, on the other hand, can mean leaving money on the table.
So, in this article, we share with you 4 steps on how to raise the rent on a tenant without complaints.
Step #1: Determine Your Reasons to Rent Increase
With a population exceeding 20 million people, Florida is arguably one of the largest states in the country. To help bring order to this enormous population, the state has put together extensive and elaborate guidelines for landlord and tenants.
The Florida landlord-tenant law guides the relationship between tenants and landlords in the state.
The following is everything that landlords and tenants in Florida need to know about the state’s landlord-tenant laws.
Landlord Entry in Florida
In Florida, landlords cannot just enter the tenant’s premises as they wish. Tenants have the right to the quiet enjoyment of their homes.
Read more: Florida Landlord-Tenant Laws: What You Need to Know
An important aspect of managing your rental properties is inspections. There are a couple of different reasons that you should inspect your St. Petersburg home.
November 18, 2016
Reported by: Mark Gordon, Business Observer
Company: Dean predicts moderate growth for St. Petersburg–based Dean & Dewitt Property Management in 2017. “We’ve been in pretty fast growth mode over the past two years,” he says. “I still expect to grow, but the speed of growth is not going to be as fast.”
Industry: Dean doesn’t anticipate another real estate bubble, because there’s been more responsible lending and more cash purchases than in 2006.
Read more: Economic Forecast | Tampa Bay Justin Dean predicts moderate growth for St. Petersburg
Leasing is the process of getting a qualified tenant into your rental property. We do some things differently than other companies providing property management in St. Petersburg, and today we’re sharing some tips that will help the process go smoothly and more effectively. The goal is placing a high-quality tenant in your home.
Read more: How to Properly Lease Your Rental Property in St. Petersburg