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Podcast: Get Rich Education
Episode: How To Raise Rents And Retain Your Tenants, Dayton
Description: Tenant retention begins before move-in: Use a move-in checklist with the tenant. Move-in gift and packet. Communication. Ongoing tenant retention during occupancy: Inspections every six months. Be attentive with service calls. How to achieve a rent increase: 45 days' notice. Use phone. Substantive reason: increase in property tax or maintenance costs. Remind tenant of moving costs. Offer an upgrade - carpet cleaning, ceiling fan, etc. 2 - 5% annual increase typical. We discuss why not every tenant is worth retaining. Dayton, OH has 1% rent-to-price ratios and an MSA...