Rental Increases: Something To Think About
In this 3-part video blog series exploring the topic of rent increases, Jodena Rogers VP of Emerald Management & Realty Ltd. takes a look at how a landlord might move through the preliminary stages of a rent increase review.
PART ONE: In the property management industry, there may be many different reasons and investment strategies that justify a rent increase. Discussion is held in our video blog to capture the indicators you might want to consider before the implementation of a rent increase for your rental property in Calgary & Area.
Monitoring the viability of rent increases is not only important while working towards investment goals during an inflationary economy but also important to manage expectations and risks in tougher economic times. Further to this, this item should be mindfully approached given that this is an extremely sensitive matter to many tenants and should be handled with respect and professionalism.
PART TWO: In Part 2 of the series, discussion is held on how to determine the rent, opportunities in a hard market for concessions and doing what tenant’s do all the time … check out the comparables. The importance of being mindful of respectful communication is addressed when reviewing tenant criteria and being open to considering potential upgrades.
PART THREE: In this final segment of the 3-part series exploring the topic of rent increases, Jodena Rogers VP of Emerald Management & Realty Ltd., discusses the various sales and communication strategies involved with rent increases. In addition to determining if the market can support an increase, often a landlord in put in the position of justifying the increase to the tenant. In addition to balancing financial goals, it is key to know your product and market conditions. Again when it comes to interacting with your tenants: Be fair and communicate, know your product and be able to justify.
Jodena Rogers was the keynote speaker at the January 2020 Calgary Residential Rental Association and presented this topic to over 100 attendees consisting of property managers, rental property owners, and landlords. Emerald Management & Realty Ltd. is a property management company located in Calgary, Alberta with over 40 years of experience in the southern area of Alberta. Emerald’s property management team was recently awarded the Top Choice Award for Property Management Services in Calgary for the 5th year in a row. For more information about the services Emerald’s team provides to investment property owners visit: Property Management Services.
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