When To Increase Rent Price
The simplest and most effective way to increase your revenue is to increase the rent you charge. But increasing rent can prove costly – since fewer tenants will be interested and your property may lie vacant for longer than you want it to. To increase rent, it’s important that you first justify that increase. There are two ways to do it:

Evaluate your market to determine if you’re charging enough for your units in their current state

Invest in improvements to your properties for which tenants are willing to pay more

Before starting on any improvements, be sure to look up rental rates other landlords in your area are getting and for what quality and type of unit. Start here because it’s lowhanging fruit, but also because it will help you determine what types of improvements will provide you the highest return on your investment.

As with all businesses, understanding your market is key to optimizing your business. So, like any good landlord, let’s start with evaluating real estate in your area.

Improve Your Property to Increase Rent
Below, we’ll run through different ways you can improve your units and properties to increase the value of what you already have:

1) Renovate the Kitchen
2) Renovate the Bathroom
3) Update Lighting Fixtures
4) Hire a Landscaper
5) Apply a Fresh Coat of Paint
6) Replace the Front Door
7) Furnish Your Rental

Remember, all of this ultimately comes down to your market. If you’re already the highest price in the top tier of your market, there probably isn’t much room to go up. Markets tend to have an allowable range in rental price with very few renters comfortable going beyond that range. It’s likely not worth the effort to make improvements if they’re going to limit your rental pool so severely that it creates vacancies. Gather a good foundation of knowledge and understanding so you can make the smartest investments and improvements possible.

Thanks for watching and happy renting!

About Innago
Innago is a free, easy to use online property management software designed for landlords and property managers of all sizes.
Innago allows you to create applications, screen tenants, sign leases, collect rent, manage work orders, organize financials, communicate with tenants, and much more.
Our mission is to make renting simple, accessible, and affordable for landlords of any size. Too many property management applications are overwhelming, bloated with unnecessary features that drive up the cost and turn their software solution into a software problem. From day one, we've met and collaborated with landlords of all sizes to produce software that is free, effective, and efficient.

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