Since I've already gone over the topic of rent collections and late fees in Chapter 17, I won't repeat that discussion here. However, there's still the topic of how you should handle rent increases.
Whenever you raise rents, you run the risk of losing a good tenant. Nevertheless, low rents depress your cash flows and diminish the value of your property. When you know the market will support higher rents (i.e., when you know topflight tenants are willing to pay you more than you're currently charging), go for it. Raise the rents.
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