You raise the rent for tenant Brown from $700 to $735. What is the percentage increase in rent that you have achieved with this rent increase?

Answer 1

To calculate the percentage increase in rent, you can use the following formula:

\[ \text{Percentage Increase} = \left( \frac{\text{New Rent} - \text{Old Rent}}{\text{Old Rent}} \right) \times 100 \]

Here, the old rent is $700 and the new rent is $735. Plugging in these values:

\[ \text{Percentage Increase} = \left( \frac{735 - 700}{700} \right) \times 100 \]

Calculating the difference:

\[ 735 - 700 = 35 \]

Now, substituting this back into the formula:

\[ \text{Percentage Increase} = \left( \frac{35}{700} \right) \times 100 \]

Now, calculating the division:

\[ \frac{35}{700} = 0.05 \]

Finally, multiplying by 100 to get the percentage:

\[ 0.05 \times 100 = 5 \]

Therefore, the percentage increase in rent is 5%.