Should Landlords Increase Rent during COVID?

Submitted by propertyinvesting2017@gmail.com on Thu, 11/12/2020 - 22:44

What are your thoughts on increasing rent during COVID? So far I've held off with increasing rents that were due for their one year increase but I'm thinking I would like to still increase my rents this calendar year. Because we have to give 3 months notice, this would have to be done in the next couple of months to get in a 2020 increase. What are your thoughts? What have other landlords been doing with regard to increasing rent?

- March 16, 2021

The rent increase guideline so far for 2021 is zero but that does not mean you can't ask for rent increase.
In my opinion landrods should ask for a small rent increase. Neither porperty taxes nor condo fees will be frozen.

- March 16, 2021

@Teresa Don't think there one answer "YES" or "NO" each case is different. IMO communicating with the tenant is key, Letting them know its coming, then giving them the notice, and then rasing it. Other businesses and industires increase prices all the time and many more will be forced to due closing during COVID housing providers shouldn't be any different.

- March 16, 2021

What are your thoughts on increasing rent during COVID? So far I've held off with increasing rents that were due for their one year increase but I'm thinking I would like to still increase my rents this calendar year. Because we have to give 3 months notice, this would have to be done in the next couple of months to get in a 2020 increase. What are your thoughts? What have other landlords been doing with regard to increasing rent?