Rent Increase Letter

August 01, 2012

Has the market in your area bounced back enough for rent increases?

Here is a sample letter you can use. Feel free to tailor and adapt it to suit your personality, your community, your budget and your residents.

Sample Small Rent Increase Letter:
Dear ____:
We are thrilled to have you as a resident of our apartment community and would like to continue the relationship for another year. I was happy to see you (using the fitness center, this morning before work, at the pool, etc.). You may have notice we (did X and Y) improvements lately, and we are certain this will make (X and Y) easier for you.
This letter is to inform you of the new payment for your home. The market rate for your apartment
is $615 per month. Your current payment is $550 per month. Your new payment beginning June 1, 2012, will be $565. That's a savings of $600 off the market rate for a 12-month lease. When you renew you lease for 12-months, you will be locked in at this rate, with no increase.

When you renew your lease for 12-months we will
• clean your carpet ($100 value) OR
• install a $35 programmable thermostat to help you save money on utility bills OR
• give you a $25 gift card.
I'd like to schedule an appointment to renew your lease at your convenience. I have (date and date and date) open if one of those days works for you.
Thank you so much, and I look forward to another
year together!

contact information here.

Personalization Is Best
...for all contact with residents, especially if you are increasing their rents OR asking for a renewal.
If you must send a letter, this is a really effective one.

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