Free landlord tool
Work out a new rent from a percentage or a dollar amount, and see what the increase is worth over a year before you put it in a renewal letter.
New monthly rent
$1,716.00
Increase per month
$66.00
Increase per year
$792.00
Increase as a percentage
4.00%
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For a percentage increase, multiply the current rent by the percentage and add the result: $1,650 at 4% is $1,650 x 0.04 = $66, for a new rent of $1,716. For a dollar increase, add the amount and divide it by the old rent to see the percentage it represents.
The yearly figure is the one to weigh against turnover. A tenant who leaves over a $66 increase can cost a month or more of vacancy, cleaning and advertising, which is more than the increase earns in a year.
Start from what comparable units nearby rent for today, not from last year's rent. If yours is well below market, a series of moderate increases usually keeps a good tenant better than one large jump.
Check the rules where the property is before you send notice. Some cities and states cap annual increases, and most require written notice a set number of days before the new rent starts, often longer for larger increases.
A unit rents for $1,650 a month and the landlord plans a 4% increase at renewal. The rent rises by $66 a month to $1,716, which adds $792 over the year.
This calculator does the arithmetic only. Rent control, notice periods and lease terms where your property is decide what increase you may charge and when.
Many landlords raise rent by roughly 3% to 5% a year, in line with costs and the local market. In a fast-rising market increases can be larger, and in a flat one many landlords keep the rent the same to hold on to a good tenant.
Divide the increase by the current rent and multiply by 100. A $75 increase on $1,500 rent is 75 / 1,500 = 0.05, or 5%.
It depends on the state and sometimes the city, and on the type of lease. Thirty days is common for month-to-month tenancies, and some places require 60 or 90 days for larger increases. A fixed-term lease usually cannot be increased until it ends.
Usually not, unless the lease itself provides for it. A fixed-term lease sets the rent for its term, so most increases take effect at renewal.
Porchyard records each lease's rent, start and end dates and tenants against its property, so the current rent and the next renewal are always one click away. Try it free for 30 days.