Rents to increase in 2007
According to an article on CNNMoney, rents are expected to rise by 6.5% during 2007 based on a forecast by Marcus & Millichap. Although rent in some areas of the country is already very high, this may be a time to verify the amount you are charging to make sure you are getting the highest income from your rental.Â
Here are a few tips to make sure a rent increase won’t leave you with a vacancy:
- Advertise your rental early enough to find tenants. Start looking two months before existing tenants will be leaving.
- Get the word out by listing your property on many of the top rental listing sites. Spending a few dollars ahead of time can help you avoid months of lost rent.
- Keep your rental in good shape so when a renter compares your property to another, there is nothing about your rental that turns them away.
- Make your tenants happy.
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