The answer is simple: Try to Raise It Every Year, or at Each Lease Renewal Period
If you have a month-to-month lease, you’ll want to increase the rent once per year. If you’re on a longer lease, wait until the lease runs out, unless your rental agreement specifically states that you will evaluate and raise the rent mid-lease. Even if the market only allows for a 1 to 2 percent increase, this is a better choice than waiting years in between rent increases, and then having to raise the rent substantially. This will help tenants to get used to rent going up, and you’ll find them less likely to complain over a $20 per month increase as opposed to a sudden $75 jump.
So in todays show, Charles and I are going to share with you our own philosophy behind rental increases within our own mobile home communities. Enjoy!