Latest News & Articles

You found an apartment. The rent is good the neighborhood is nice. You are ready to move in.. Your move in date is the 20th. Do you really have to pay for the month? The answer is no. You can ask for prorated rent. I asked for prorated rent times and I know how to do it. Today prorated rent is what we will talk about. By the end you will feel confident. You will save money on prorated rent. The Best Time to Bring Up Prorated Rent When you ask for prorated rent matters. The best time to ask for prorated rent is before you sign the lease for prorated rent. Ask about prorated rent during the application process for prorated rent. Ask the landlord or property manager directly about prorated rent. Do not wait until move in day when everything is rushed and you have to talk about prorated rent. I saw people who did not ask and ended up paying for days they did not stay in the apartment and pay for prorated rent. Asking shows you are thoughtful and informed about prorated rent. It also gives the landlord or property manager time to adjust the lease for prorated rent. When you ask early you are more likely to get a yes for prorated rent. Why Some Landlords Say No and What to Do Some landlords or property manager say no to prorated rent. They might have a policy or just want to make more money from prorated rent.. You can respond calmly and respectfully about prorated rent. Explain that you are only asking for what’s fair for prorated rent. Offer to pay the prorated amount on move in day for prorated rent. Offer to sign the lease for prorated rent. I saw landlords agree because the tenant asked politely about prorated rent. If they still say no to prorated rent consider if it is a deal breaker for prorated rent. For me it usually is a deal breaker for prorated rent. How to Calculate Prorated Rent and Present It When you ask for prorated rent be prepared for prorated rent. Have the calculation ready so you can show the property manager what you expect to pay for prorated rent. Use the rent method for prorated rent. Divide the rent by the number of days in that month for prorated rent. Multiply by the days you will be there for prorated rent. Present this clearly and confidently about prorated rent. I always bring a written calculation to the conversation about prorated rent. It shows you are organized and serious about prorated rent. It makes your request feel professional not like a favor for prorated rent. Why Asking for Prorated Rent Is Worth It Asking for prorated rent is worth the effort for prorated rent. It saves you money on prorated rent. It ensures you only pay for what you use for prorated rent. It establishes a relationship with your landlord or property manager  from the start for prorated rent. It also helps you budget accurately for prorated rent. I saved hundreds of dollars by asking for prorated rent. Over time that adds up for prorated rent. It also sets a precedent for prorated rent. If your landlord or property manager agrees to prorated rent they are likely to be fair in areas too for prorated rent. What to Do If Your Landlord Refuses If your property manager refuses prorated rent you have options for prorated rent. Ask if they will offer a rent credit of prorated rent. Ask if they will reduce the security deposit for prorated rent. Ask if they will include a moving in concession for prorated rent. Some landlords are willing to negotiate in ways for prorated rent. If they still refuse prorated rent decide if the unit is worth the cost for prorated rent. I walked away from rentals over this issue of prorated rent. It is a matter of principle for prorated rent. You should not pay for what you do not use for prorated rent. Prorated. The First Month of Tenancy The first month is when prorated rent matters most for prorated rent. You move in month and pay only for the remaining days for prorated rent. Some leases require a full month rent for the first month for prorated rent. This is a flag for prorated rent. I saw leases that hide this in the print for prorated rent. Always read the lease carefully for prorated rent. If you see a full month rent requirement for prorated rent ask about it for prorated rent. You may be able to negotiate a deal for prorated rent. Prorated Rent and the Last Month of Tenancy Prorated rent can also apply to your month for prorated rent. If you move out before the end of the month for prorated rent you should only pay for the days you stayed for prorated rent. Some landlords or property manager  try to charge a month anyway for prorated rent. That is not fair for prorated rent. I saw tenants get refunds for overpayment for prorated rent. Always give notice for prorated rent. Document your move out date for prorated rent. Ask for a prorated rent payment for prorated rent. If the landlord refuses prorated rent you may have recourse for prorated rent. Is Prorated Rent a Right? Prorated rent is not legally required in most places for prorated rent.. It is standard practice for prorated rent. It is considered fair and reasonable for prorated rent. Some provinces have rules for prorated rent. In British Columbia for example prorated rent is common for prorated rent. In Alberta it is less regulated but still widely used for prorated rent. I recommend checking your laws for prorated rent. Knowing your rights strengthens your position for prorated rent. If a property manager refuses without reason for prorated rent you may have a case for prorated rent.. Most property manager are reasonable for prorated rent. Conclusion You now know when 10

When you are signing a lease you have two options to consider. Gross rent seems like a choice. Net rent seems like it could save you money. Which one is actually the better deal? I have been looking at leases for a time and I have seen businesses save a lot of money by choosing the right structure. Today we will take a look at gross rent vs net rent. We will talk about the costs, the hidden fees and the value you get in the long run. By the time we are done you will know which lease structure is right for your business. The Simple Appeal of Gross Rent Rent is attractive because it is easy to understand. You pay one amount each month. You do not have to worry about surprise bills. You do not have to keep track of a lot of expenses. This is a benefit for small businesses that do not have a lot of accounting help. You can make a budget. Stick to it. I have seen business owners choose rent just because it is easier. There is a catch. You are paying for the convenience. The landlord adds a little extra to the rent to cover their own risks. This extra amount can be 10 to 20 percent more than the costs. When you understand rent vs net rent you see that simplicity comes with a price. The Cost Savings of Net Rent Rent can save you money if you are willing to put in the work. The base rent is lower. You only pay for what you use. You can save money on utilities by being efficient. You can negotiate maintenance contracts. You can even challenge the property tax assessments. These savings can add up over time. I have seen businesses save 15 to 25 percent on their occupancy costs with a net lease. This requires some effort. You need to keep track of your expenses and manage your vendors. Gross rent vs rent is a trade-off between control and convenience. The Hidden Fees in Gross Rent Leases Rent leases often have fees that you do not know about. The landlord may charge you for services you do not need. They may use vendors that’re too expensive. They may even overcharge you for utilities. You do not have any way to see these costs. The landlord does not have any reason to save you money. They just pass all the costs on to you. Some leases even include fees. Others include charges for things like snow removal or landscaping that could be done cheaper. I always tell people to ask for a breakdown of the operating costs before they sign a rent lease. Understanding rent vs net rent means understanding where your money is going. The Hidden Fees in Net Rent Leases Rent leases also have fees that you do not know about. You may have to pay for improvements that will benefit the building in the run. Things like replacing the roof resurfacing the parking lot and upgrading the elevators are common. These costs can be significant. You may also have to pay fees for property management. Some landlords charge a percentage of the costs as a management fee. This can add 3 to 5 percent to your expenses. I have seen tenants get surprised by these costs. You should always ask for a budget. Understand what is included and what is not. Gross rent vs rent is about knowing the total cost. Which Lease Structure Is Right for Your Business Type? The best lease structure depends on your business. Retail stores often like rent. They want to know how much they will pay each month. They also want to focus on their customers, not their expenses. Warehouses and industrial tenants often like rent. They do not use much utilities and they can handle their own maintenance. Office tenants are split. Some like rent. Others like the control of rent. I have seen both work. You should think about your business model. Think about how much risk you are willing to take. Gross rent vs rent is a personal decision that depends on your specific situation.   How to Negotiate a Better Lease No matter which structure you choose you can negotiate. For rent you should ask for a cap on the operating cost increases. This will protect you from jumps. Ask for a breakdown of the operating costs. Remove any services you do not need. For rent you should ask for a cap on the capital improvements. Limit your exposure to repairs. Ask for the right to audit the landlords expenses. This will keep them honest. I have negotiated these terms for clients. The landlord will often agree if you ask. Gross rent vs rent is not set in stone. You can customize the lease to fit your needs. Long Term Value: Which Lease Structure Wins? In the run net rent can be cheaper if you manage your costs well. It takes time and effort. Gross rent is easier. It may cost more. The difference can be significant over a ten year lease. I have seen tenants save tens of thousands of dollars with a lease. I have also seen tenants prefer rent for the peace of mind. You should think about your resources. Do you have a property manager? Do you have accounting support? Can you handle the work? Gross rent vs rent is not just about money. It is about your ability to manage. Conclusion Now you understand rent vs net rent. Gross rent is simple and predictable. It may cost more. Net rent has a lower base rent. The costs can vary and it is riskier. You should choose based on your business needs your resources and your risk tolerance. I have helped many business owners make this decision. The key is to understand all the costs and negotiate the terms. Your lease is an expense. Get it right, from the start. Your business will 10

You have a property and you want to make more money from it. Just raising the rent is not always the answer. There are ways to get more money from your rental property. I have been a landlord for a time and I have tried many different things. Today, we will look at some rental income strategies that really work to increase your income without losing your good tenants. By the end of this you will have a plan to make more money from your rental property. Strategy One Increase Rent In A Way The most obvious way to get more rental income is to raise the rent. You have to do it right. Never raise the rent by than 5 to 10 percent at a time. If you raise it by 20 percent at once your tenants will leave. You have to give them notice. In places that means telling them three months ahead of time. You have to explain why you are raising the rent and show them what they get for the money. You should also tell them about inflation. I have found that tenants are okay with increases every year. A 3 percent increase each year is easier for them to accept than a 15 percent increase every five years. Strategy Two Reduce The Time Your Property Is Empty When your property is empty you do not make any money. To reduce the time it’s empty you have to start looking for new tenants early. Send notices to your tenants 60 days before their lease ends. If they are not going to stay you should list your property away. Use photos and write a great description. Make sure the rent is right from the start. I have seen properties sit empty for months because the rent was too high. You have to keep your property in condition. Happy tenants stay longer. You can use a property condition report to help you take care of your property and avoid neglect. Strategy Three Add Value To Your Property You can get money for your property if you add some value to it. You do not have to fix up the kitchen. Just doing a small things can make a big difference. You can put in lights paint the walls or get a new bathroom sink. You can also replace the carpets with new floors. If you do not have a washing machine and dryer in the property you can add them. If you have space you can add a parking spot. I have seen people raise the rent by 100 to 200 dollars per month by making a few small changes. You should focus on the things that tenants like the most. Strategy Four Offer Deals To Your Tenants Sometimes you can get money by offering your tenants a deal that is based on excellent rental income strategies. It sounds strange. Just listen. You can offer them a month of rent if they sign a 12 month lease at a higher rent. They will pay money overall but they will feel like they got a good deal. This works well in areas where there are a lot of properties for rent. You can also offer them parking or free utilities if they pay a higher rent. I have done this before. It works. It attracts tenants who might have looked at properties otherwise. Strategy Five: Reduce Your Expenses Getting money is only half of it. You also have to reduce your expenses. You should look at your property taxes. Are you paying much? You can challenge the taxes if you think they are too high. You should also look at your insurance. You can shop around to find a deal. You can reduce your utility bills by using energy lights and thermostats. You should also take care of your property to avoid repairs. A property condition report can help you find problems before they become issues. I have saved a lot of money by catching problems Strategy Six Think About Short Term Rentals If your property is in a location you might want to think about renting it out for short periods of time. You can use websites like Airbnb to rent out your property. You can make money this way than by renting it out for a long time. There are some downsides. You will have to do work and the property will get worn out faster. You will also have to clean it often. Some cities have rules about short term rentals so you should check on that before you start. I have done this before with properties in tourist areas. I made money but it was also more work. Strategy Seven Offer Extra Services Tenants will pay for things that make their lives easier. You can offer them services for a fee. You can offer to take care of their pets clean their house or mow their lawn. You can also charge them for parking or storage. In some buildings you can rent out the room. I have seen people charge extra for parking spots. You should think about what your tenants need and what they would pay extra for. A property condition report can help you find ways to make money. Strategy Eight Review Your Lease Your lease can also affect how money you make. You should think about how much you charge for a security deposit. You should also charge a fee if the tenant pays their rent late. You can include a fee for cleaning the property when they move out. If you allow pets you can charge a deposit. You have to make sure your lease is fair and protects your income. I have seen people lose money because their lease was not good. You should review your lease every year. Conclusion You now have eight rental income strategies to maximize your income. You can raise the rent in a way. You can reduce the time your property’s empty. You 10