Get Rich Education 250: How To Raise Rents And Retain Your Tenants, Dayton
Tenant retention begins before move-in:
- Use a move-in checklist with the tenant.
- Move-in gift and packet.
- Communication.
Ongoing tenant retention during occupancy:
- Inspections every six months.
- Be attentive with service calls.
How to achieve a rent increase:
- 45 days’ notice.
- Use phone.
- Substantive reason: increase in property tax or maintenance costs.
- Remind tenant of moving costs.
- Offer an upgrade - carpet cleaning, ceiling fan, etc.
- 2 - 5% annual increase typical.
We discuss why not every tenant is worth retaining.
Dayton, OH has 1% rent-to-price ratios and an MSA population of 800,000. Also:
- Proximous to Cincinnati and Columbus.
- Health care.
- Military.
- Manufacturing.
- 3 Amazon fulfillment centers within 45 minutes.
Learn more about the Dayton turnkey provider here.
- In-house property management.
- Use luxury vinyl plank, white kitchen cabinets, newer HVAC & water heaters.
- 1-year and 3-year warranties.
- 97% occupancy rate.
- Leases up to 18 months.
- 3/1 SFHs: Rents $750 - $1,300 | Purchase prices $75K - $120K. Detached garage. 800 - 2,000 sf. Usable basement is additional sf.
- Property tax 1.8 - 2.1% annually as a percent of property value.
- Rent promise: Provider starts paying rent to you if your property is vacant 30+ days.
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Resources mentioned:
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