Click Here to send this discussion to a friend
Raise rent 2x in lease
(by ernest [CA])
Apr 1, 2003 6:50 PM
RE:
Raise rent 2x in lease
(by CZ [OR])
Apr 1, 2003 6:56 PM
RE:
Raise rent 2x in lease
(by Rich [NJ])
Apr 1, 2003 7:18 PM
RE:
Raise rent 2x in lease
(by Irish [MD])
Apr 1, 2003 7:18 PM
RE:
Raise rent 2x in lease
(by ernest [ca])
Apr 1, 2003 7:52 PM
RE:
Raise rent 2x in lease
(by Kurtis [ME])
Apr 2, 2003 4:31 AM
RE:
Raise rent 2x in lease
(by llady [CA])
Apr 2, 2003 5:24 AM
RE:
Raise rent 2x in lease
(by ernest [ca])
Apr 2, 2003 9:34 PM
RE:
Raise rent 2x in lease
(by Sam [NJ])
Apr 4, 2003 5:17 PM
Click Here to send this discussion to a friend|
Hope this is not a stupid question. Can i raise the rent two times in a year? Here's why; i have 2 teni who have the same size unit but i only did a complte make over on one of the units( this tenant has been here for 15 years it was about time; she is on Section 8 her rent is 550.00 going to 575.00 her lease is up. the other unit has not had a face lift because of my finances at that time. his rent is 465.00( i want to raise his rent to 550.00; the later to 575.00 so it will be a level playing field. my questtion again is if i have him sign a lease do i have to wait (1) one year before i can raise his rent? WOULD LOVE TO GET YOUR FEED BACK Ernest --152.163.188.39 |
| As long as you're not in a rent-control area, raise it as often as the market will bear. --66.178.174.243 |
| But you cant raise in the middle of a fixed length term such as a one year lease. If they are MTM and you are not i rent controled area you can do whatever you want as long as you give proper notice of 30 or 60 days dpending on your state. --138.89.173.26 |
|
Wait a minute..... Seems to me the only way you can raise the rent twice in one year, is if you have a M-T-M. If you have a 12 month lease, you will have to wait until the end of the 12 months. sometimes, my head spins trying to figure out what the poster is trying to ask when they only give a portion of the background of the whole story. --216.127.138.59 |
|
thanks for the advice. i will be doing new leases/ month-to-month agreements again (renewal). can one tenant be on month -to-month and the other on a year lease. ernest --152.163.189.136 |
| Ernest you can put each tenant on any kind of agreement they do not have to be the same. I have heard of buidling in increase in longer term lease (2 years), but never done it. This may vary by state law so you might do some research online or call your landlord association. --24.52.135.125 |
|
I am somewhat confused by what you have written but will try to give info. on the issues. You cannot raise the rent during a lease. BUT if your tenants are mo. to mo. the you can raise it twice a year, or more; IF you only raise the rent under 10% in CA. you have to give 30 days notice,BUT when if is 10% or more during a one year period you have to give 60 days notice in CA. Example you increase the rent in May/03 6% for unit A, then you only have to give 30days notice; then you increase it again in October/03 for another 6% you have to give 60days notice, all in writing. --198.81.26.17 |
| 1thankd llady --205.188.208.101 |
|
Unless your state has specific laws, you generally CAN raise the rent, even during the middle of a fixed lease. The caveat to this is that you have to plan it and write it into the original lease. There could be good reasons for this (improvements or the like), or simply administrative reasons (say, all tenant leases go up by a certain percentage in January, for convenience). What you CANNOT do is surprise the tenant with an increase. If you have a fixed term at a fixed price, you have to stick to that. So, if you have him sign a lease and know when you want to raise his rent again, you can write that in to the lease. Keep in mind that there is also, at least in NJ and possibly in CA, a prohibition against "unconscionable" rent increases, which are generally over 20% in a single year (aggregated) -- this applies to buildings with more than 3 units. Actually, I notice you say you have 2 tenants. Do you have more than this? If not, make sure you're not exempt from the law before complying with things you don't need to. --207.99.10.18 |