High Rents and Good Tenants

I recently read an article on MSNBC Today Online about Stephen Metelica, a 24-year-old renter in Chicago.
The article is about the rising apartment rents across the country and how distraught Stephen is about his rent going from $1,525 to $1,600.“I was pretty upset about it,” Stephen says in the article.“I thought a 5 percent increase was ridiculous.”

What’s happening with apartment rents these days is both good and bad for owners like you. Good because high demand and low inventory means more emboldened cash flows for your building, bad because the tenants you like may choose to move out which means some unexpected vacancy.

There’s no reason why you can’t boost your rents AND keep your good tenants. Here’s how:
Give your tenants a re-lease gift.

A nice little bonus like a coffee maker or some gift cards to a local restaurant. Make your tenants feel appreciated and they’ll stay with you.They’ll also be more attune to taking rent increases in stride.
There’s another benefit too - people will start talking about you and your building. You’ll create a positive buzz in the community because you’re different.Your building will be top of mind when someone’s asking around for a good apartment. zcouch