Rent Increase Assessment
When it's time do a rent increase we provide the option for owners to get a Rent Increase Assessment. We create this report using various sources to suggest how much (or not to) increase your rent by given the changes in the market during the past 12 months, similar properties leased and on the market.
How to get a Rent Increase Assessment
You'll be notified by Cubbi when you should consider a rent increase with the option to get a rent assessment. Follow the prompts from the email reminder email or the activity item in your Cubbi dashboard.
Alternatively follow these steps anytime:
- Click on the tenancy (located under the property you want the assessment for)
- Click on the round icon up the top with the 3 lines in it (skip if on desktop)
- Click 'Rent'
- Click the edit icon (pencil)
- Select 'Rent Increase'
Follow the prompts.
Rent increase vs Advertised rent amount
Rent increases should be kept reasonable conservative to keep good tenants in the property and a feeling they are getting value for money. Losing a good tenant due to a rent increase could cost you 2 weeks rent vacancy, your time and advertising costs.
When advertising a property for rent you can be a little more aggressive with your rent amount especially if you have about 6 weeks before your current tenant moves out. You'll have time to adjust if it's too high meaning you have very little to lose. Whereas when you already have great tenants in your property you have something to lose, that's why we think this is highly valuable.