Rent increases happen, and it’s not something that is truly pleasing to anyone. As the costs of goods and services go up, leases need to be amended to reflect recouping the expenses, and it’s not something that makes residents happy to learn that it’s going to be more expensive to remain in your community. That being said, increasing rent doesn’t need to be a death sentence to your resident retention, and it all has to do with how you approach the rent increase and communicate it to those renting with you.

The most important thing you can do when going through a period of rent increase is to communicate it openly and thoughtfully to your existing residents. Holding a community meeting that outlines the reasons for the increase and the costs is incredible helpful, and keeps things transparent and trustworthy within the property management to resident relationship. Outlining how costs for maintenance and upkeep have gone up through the last handful of years, using a series of charts to show the necessity for the increase, can be an informative and effective way to go. During this community meeting, also field questions from residents and prepare thoughtful answers to any inquiries they may have.

Along with holding a community meeting, sending out a community letter outlining all of the same information is important, and even more important is finishing the letter with your contact information should the residents have any questions that come up. Not everyone in your community will be able to make the meeting, and those that can will have information they can refer back to. When crafting this community letter, make sure to prioritize what your residents mean to your community, and keep the wording professional yet friendly and open.

Through a necessary rent increase, you may not retain every resident, but going about the increase in the right way can help you to keep many. At Occupancy Solutions, we want to help property management teams to navigate through necessary rent increases in a way that is beneficial for them and their community, creating the best possible win/win scenario. To learn more about resident retention through a rent increase, simply contact us today.