Renting out your property can be a lucrative investment. But if you want to maintain your yields you’ll probably need to raise the rent once in a while.

As a landlord in Tulsa, it is important for you to understand the rent increase laws that apply in your area. Knowing how much you can increase rent, when you can do it, and the proper procedures to follow will help you maintain a positive relationship with your tenants.

How Much Can You Increase Rent?

Oklahoma does not have rent control so when it comes to increasing rent, landlords in Tulsa have the freedom to determine the amount. However, it is important to be reasonable and fair when setting the new rent amount. A drastic rent increase may prompt your tenants to consider moving out or even take legal action against you. It can also turn off potential new tenants, eroding your competitive edge and leading to long term vacancies.

To gauge a reasonable rent increase, it is advisable to research the rental market in your area and consider factors such as property maintenance costs, property taxes, and inflation rates. Keep in mind that a higher quality product can command higher prices. Providing modern amenities, well maintained buildings, and excellent customer service will attract and keep good tenants willing to pay top dollar. 

If you already have a lot on your plate, working with a property management company can help you with property maintenance and tenant communication.

When Can You Increase Rent?

In Tulsa, landlords can typically increase rent when a lease agreement is up for renewal. This means that if your tenant is on a month-to-month lease, you have the right to adjust the rent amount at the end of each month. However, if your tenant has signed a fixed-term lease, you will have to wait until the lease expires before increasing the rent. It is crucial to review your lease agreement and make sure there are no specific restrictions or limitations on rent increases.

The state of Oklahoma requires a minimum 30-day notice period, although it is strongly recommended to give tenants as much notice as possible. Providing them with advance notice of the rent adjustment gives them time to plan their budget accordingly. It also helps maintain a positive landlord-tenant relationship, fostering open communication and trust. Remember, a well-informed tenant is more likely to understand and accept a rent increase compared to one who feels blindsided by sudden changes.

How Do You Increase Rent?

When implementing a rent increase, it is essential to communicate effectively with your tenants. 

1. Start by reviewing the terms of the lease agreement and confirming that a rent increase is allowed. 

2. Next, draft a formal notice of rent increase, specifying the new rent amount and the effective date. 

3. Provide a reasonable amount of notice to your tenants, typically 30 to 60 days, as required by Tulsa rent increase laws. 

4. Finally, deliver this notice in writing, either by certified mail or hand-delivery, to ensure a documented record of the communication.

Giving Notice of Rent Increase

As mentioned earlier, providing proper notice is essential when increasing rent in Tulsa. It is generally required that you give your tenants a written notice at least 30 days in advance of the effective date of the rent increase. Make sure to include all relevant information in the notice, such as the current rent amount, the new rent amount, and the date the increase will take effect.

In addition to providing written notice, it is also a good practice to engage in proactive communication with your tenants. Be open to schedule a meeting or have a conversation to discuss the upcoming rent increase and address any questions or concerns they may have. This can help foster a positive landlord-tenant relationship and ensure that both parties are on the same page.

Furthermore, when drafting the notice of rent increase, it is important to be clear and concise in your communication. Use simple and straightforward language to explain the reasons behind the rent increase, whether it be to cover maintenance costs, property improvements, or market changes. Transparency in your communication can help tenants better understand the need for the adjustment and reduce potential conflicts or misunderstandings.

Final Thoughts: Rent Increase Laws in Tulsa

Understanding and following the rent increase laws in Tulsa is crucial for landlords. By knowing how much you can increase rent, when you can implement the increase, and the proper procedures to follow, you can maintain a positive relationship with your tenants.

Remember to approach rent increases with transparency and open communication. Consider the local rental market, property expenses, and tenant needs when determining the new rent amount. Provide proper written notice within the required timeframe, and be open to addressing any concerns raised by your tenants. By following these guidelines, you can navigate rent increases in Tulsa successfully and maintain a positive rental experience for both you and your tenants.

Looking for a property management company in Tulsa to assist with rent collection, market insights, and more? Reach out to our local team to learn about our services and how we can benefit your rental business!