2. Give your residents predictability and the opportunity to
plan ahead.
a. Provide at least a 60-day notice for all rent
adjustments;
b. Consider adopting a policy of one annual rent adjustment;
c. Consider offering your residents the option of longer-term leases instead of short-term
rental agreements.
3. Recognize the value of long-term, stable residents, who
pay their rent on time.
a. Consider phasing-in the rent adjustment to accommodate a
hardship request by a resident;
b. If your monthly rent for existing residents is significantly below market-rate,
increase rents over an extended period of time, bearing in mind the residents' history at
your property, and realizing that rents will increase to market as units turn-over.
4. Attach a sensitively written letter to your notice of
rent adjustment.
a. Point out any increased operational costs such as taxes,
utilities, maintenance, and debt service;
b. Highlight upcoming or recent improvements to the property;
c. If available, provide information on comparable rents.
5. Be open, available and responsive when residents want to
discuss their rent adjustment.
a. Be knowledgeable about their rent history at your
property;
b. Be willing to listen to them openly and consider special arrangements, such as a
phased-in rent adjustment for hardship cases.
6. Keep your property maintained.
a. Provide residents with a method to report repairs,
damages or conditions that need to be corrected;
b. Attend to all maintenance requests promptly.
7. Embrace voluntary, professional mediation.
a. Be responsive if a mediation agency calls;
b. Be willing to enter into a mediation discussion.
8. Be sensitive to the fact there may be circumstances that
result in residents voluntarily vacating your property.
a. If requested, attempt to help them find suitable housing
in other units you may own or manage;
b. If a resident is forced to break a lease in the middle of a lease term, work with them
to quickly fill the unit and minimize the expense to the resident who is leaving;
c. As soon as is practical, and within the guidelines
prescribed by law, account for and return the resident’s security deposit.
9. Consider how your actions concerning adjusting rents may
affect public perception of you, your company and the rental housing industry.
You are in
the business of providing housing, and your residents are your customers. As in any
business, you should strive as much as possible to satisfy your customers at all times,
which is the foundation for business success.
10. Ensure that your resident managers are well briefed on
your commitment to these guidelines and that they follow through as your on-site emissary.
