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October 28, 2007
Rent Increase
I'm thinking of raising my tenant's rent. Legally how much notice do I need to give? 30 days or 60 days?
Comments
30 Days if no lease. Otherwise you have to wait until the end of the lease term - Obviously.
Posted by: guest at October 28, 2007 5:34 PM
Negotiate the increase with the tenants before you give a new lease.
This way there are no surpuses on either side,
Posted by: Ysabelle at October 28, 2007 7:37 PM
Is your house a two family? If it has more than three units - there are more laws and regs that govern. Also agree with Ysabelle - give as much notice as possible. You would want to know if it was you, so you could make decisions, etc.
Posted by: guest at October 28, 2007 8:59 PM
Do the right thing, ask your accountant.
Your tenants will hate you, if you don't act as a human being.
Posted by: guest at October 28, 2007 9:23 PM
60 days is very fair. That's what I use. It gives tenants enough time to make a decision and find a new place if necessary. Also gives you sufficient lead time to show the apartment. I usually ask for confirmation of lease renewal within 30 days of issuing the new lease. At the 30 day mark, if they say no, I begin showing the unit.
Posted by: guest at October 29, 2007 3:44 PM
how much is reasonable to increase in a given year?
Posted by: guest at October 29, 2007 11:12 PM
I usually use 4% for 1 year and 7% for 2 years leases - usually no more than $50 a month for rent under $1000/mo.
Sandy
Posted by: guest at October 30, 2007 2:04 AM
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