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How much is reasonable to raise the rent for my tenant?
He pays about 1/2 of all the household expenses, but the gas has increased $70/mo, and the electric has increased $86/mo. His electric usage is ridiculous. He has a huge fish tank that runs all the time, plus he always leaves the house with lights burning, and he leaves the huge flat screen tv on all day for the dog! I'm a creature of habit and am very frugal about leaving stuff on, so it drives me nuts. I've talked to him about it, but to no avail. So I want to raise the rent for the new lease year, but how much is fair? He has the lower part of the house, about the same footage as me. No dependents, except the spoiled dog.
5 Answers
- LandlordLv 71 decade agoFavorite Answer
If the dog is using as much power as a person you might want to think about splitting bills 3 ways.
Don't leave major appliances on when no one is there. Not only a waste but a fire hazard. The dog can not call 911.
- kyleLv 41 decade ago
Every time the lease comes up I show my tenants how the costs hwve changed in the last year. Show them the utility changes, property taxes and home owners insurance. I recently had new charges for storm water from the city. We also had new charges for trash cans for refuse removal. Once you show the tenants these things they will see that you extra charges are founded not just picking on them for some other reason.
- RangerLv 71 decade ago
His increase should cover at least half the cost of the increase in utilities. Plus inflation on the income portion of his rent.
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- Anonymous1 decade ago
Give him a letter stating, "Utility Cost Increased", "Your monthly rental increase will be $50 per month (or how much you decide), starting on the 1st of next month."
Than state, "If this will create a hardship for you, please let me know".
With a pleasant closing... Something like:
"I appreciate your timely rental payments".
"I appreciate your business".
... Sincerely,
That's worked for me to increase rents.
