Raising rent is a common part of owning rental property, but it must be done with care. In Bothell, WA, landlords need to follow proper steps and stay informed on market trends to avoid losing good tenants or violating local rules.
Understanding how to apply rental increases fairly can help you protect your investment while keeping your property competitive.
At PMI Equitas, we help local landlords navigate rent adjustments with clarity and confidence. Here's what to know when updating your rental rates in Bothell.
Start With the Local Market
Before deciding on a new rental price, research the current Bothell rental market. Look at similar properties in your area based on size, location, and amenities. This gives you a realistic picture of what tenants are paying nearby.
If your rent is well below the market average, it might be time to make an adjustment. On the other hand, if your rent is already at the higher end, consider smaller or less frequent increases to avoid turnover.
Tools like rental comps, online listings, and market reports are helpful, but so is professional support. A local property management company can give you detailed insights based on up-to-date data.
Follow the Rules
Washington State allows landlords to raise rent, but they must follow proper rental increase guidelines. In most cases, landlords must give written notice at least 60 days in advance before raising rent. If the increase is more than 10%, you may be required to provide additional details or longer notice depending on the local jurisdiction.
Always check for local laws that may apply. While Bothell doesn't currently have strict rent control, laws can change, and it's your responsibility to stay updated.
Also, make sure increases are not discriminatory or retaliatory. Raising rent after a tenant complaint, for example, can lead to legal issues.
How to Calculate Fair Increases
Use solid rental calculation tips to decide how much to raise rent. A common method is to raise rent by a percentage, often 3% to 5% annually, to keep up with inflation and property expenses.
You can also base the increase on new amenities, upgrades, or added services. For example, if you recently added a new appliance or improved landscaping, a slightly higher rent may be justified.
Make sure to keep your reasoning clear and consistent. Tenants are more likely to accept increases when they understand the value they're receiving.
Communicate Clearly With Tenants
Rent increases are easier to manage when you have a strong relationship with your tenants. Give plenty of notice and explain the reason behind the change. Mention any property improvements or rising costs, like taxes or insurance.
Written notices should include the current rent, the new rent, the date it goes into effect, and any updated terms. Keep copies of all communication in your records.
Final Thoughts on Rental Increases
Handling rental increases the right way helps you stay profitable without losing good tenants. By studying the Bothell rental market, following local rental increase guidelines, and using smart rental calculation tips, you can make fair changes that support long-term growth.
At PMI Equitas, we assist landlords with pricing strategies, compliance, and tenant communication. Reach out to us to keep your rental business running smoothly.
