Preparing for What’s Ahead

Dear ROA Members,

As we move through October, it’s time to look ahead to year-end and the decisions that will shape the coming year. A little preparation now can make tax season easier, help us evaluate rent adjustments, and give us time to consider our options.

Start with your records. Reconcile rental income and expenses, gather receipts, and document repairs and improvements for each property. An early conversation with your tax professional can help identify missing information and planning opportunities before year-end.

If you’re considering a rent increase, begin your review now. Look at operating costs, comparable rents, upcoming maintenance, and the value of retaining a dependable resident. Before choosing an amount or effective date, confirm the rules that apply to your property, including rent limits, notice requirements, and lease provisions. Clear, timely communication helps residents plan and preserves a respectful relationship.

Here are a few golden nuggets you can put to work this week:

• Build your tax folder now. Create a folder for each property with income reports, expense records, receipts, and invoices. Flag repairs and improvements for your tax professional to review, and schedule a year-end planning conversation while there’s still time to act.
• Know your monthly cost increase. Compare this year’s expenses with last year’s, including insurance, property taxes, utilities, and maintenance. Divide the annual increase by 12 to see its monthly impact. Use that number as a starting point when evaluating your options.
• Run the “keep versus replace” calculation. A $100 monthly rent increase adds $1,200 over a full year if collected. One vacant month at $1,500 costs more than that before cleaning, repairs, or leasing expenses. Consider both the potential gain and the value of a reliable resident.
• Work backward from your proposed effective date. Review the lease and applicable requirements, then calendar the notice deadline and required delivery steps. Preparing early gives you time to verify the details before sending a notice.
• Compare three options. Evaluate a permitted increase now, a smaller adjustment, and holding rent steady for a defined period. Review recurring subscriptions, service contracts, and utility bills for avoidable costs as well. Choose the approach that supports your property’s financial health and long-term goals.

Looking ahead also means reviewing insurance, planning maintenance, and setting next year’s budget. You don’t have to tackle everything at once. Choose one task this week and finish it. Small, deliberate steps now can prevent rushed decisions later.

As your president, I encourage you to stay involved with the ROA, bring your questions, and share what you’re seeing in your own properties. Our members’ experience is one of our greatest strengths. By learning from one another and preparing early, we can make informed decisions and continue providing well-maintained homes.

Thank you for your membership and your commitment to responsible rental ownership.