Purchased a 30 space Texas park in early February 2018. I eventually installed meters and started implementing the new water billing in November of 2018. My rents are below market and I am going to raise them $25.00.
Do I raise the rents in November (that will be 1 year from the water bill back increase) or do I wait until January or another month? Is November an OK month to start my annual rent increases? I don’t mind waiting if there is a better month to do the rent increases because I am in this for the long haul.
Never do a rent raise during the holiday season (November & December) if you can help it. People are stressed out to begin with, and you will get much more pushback than any other time of year. The best months are February through October. January is hard because Christmas gift bills come in. I believe this timing has been universally adopted by every bill that I receive, from cable television to utility rate hikes.
Do your state landlord tenant regulations prevent you from raising the rent for one year after implementing water billing. If not I would be raising the rent now. It has been more than enough time for them to adjust and face their next increase.
When taking over owner ship of a new community it is best to increase rates as quickly as possible. Tenants expect increases with new ownership, drawing it out over a extended period of time only extends any push back you may experience.
I like to give notice in March (60 days in my one of my states) and raise them in May. That way everyone has their tax refunds when the new amount goes into affect.