Rent Increase (by SWiseman [DC]) Jul 5, 2008 10:27 AM|
Rent Increase (by June [PA]) Jul 5, 2008 10:32 AM
Rent Increase (by SWiseman [DC]) Jul 5, 2008 10:59 AM
Rent Increase (by A;lyM [NJ]) Jul 5, 2008 11:46 AM
Rent Increase (by John [MD]) Jul 5, 2008 4:42 PM
Rent Increase (by SWiseman [DC]) Posted on: Jul 5, 2008 10:27 AM
State Specific Question About: DISTRICT OF COLUMBIA (DC)
Need to increase rent on a semi-detached home in the District of Columbia. Is there a specific amount/percentage that can be charged and is there a specific letter required for the increase and to renew the lease at the same time? This is not a Sec. 8 tenant. --67.103.xx.xxx
Rent Increase (by June [PA]) Posted on: Jul 5, 2008 10:32 AM
Don't know if any restrictions in DC. But I would suggest a modest increase.
Years ago, I sent rent increases to all my tenants to bring rent up to market: AND THEY ALL MOVED. (Except for one guy. and he's been with us for 50 years.)
ie avoid STICKER SHOCK. --64.12.xxx.xxx
Rent Increase (by SWiseman [DC]) Posted on: Jul 5, 2008 10:59 AM
Have a tenant with a one-year lease that has lived in the property eleven months. Tenant pays the utilities, but it is now time to renew lease. Not sure what would be considered modest increase for the District of Columbia . --67.103.xx.xxx
Rent Increase (by A;lyM [NJ]) Posted on: Jul 5, 2008 11:46 AM
A modest increase is 4% or no more than $30 per month. If he is paying utilities they are also going up. Our town has a rent increase cap of 3.568%. Don't know how they came up with that. I moved once when the landlord raised my rent from $165 to $185. That was an 8% raise and I barely had money for food so an extra $20 was going to be a problem. I moved down the street to a similar apt. for $160 and did it in about three days just dragging my stuff myself. --76.99.xxx.xx
Rent Increase (by John [MD]) Posted on: Jul 5, 2008 4:42 PM
Has the rent in your town gone up that much in one year? Don't raise it just to raise it. If the tenant has been a good one there is a reward to not raising it. If you raise it and the new rent puts you on an even level with the other places in the paper, than there is not a reason for the tenant to stay. They can move, maybe getting a cheaper rent. Also they will get a newly painted place that has been all fixed up. How long will it take you to clean up and paint the place? Now to find another tenant. How long will it be empty? Can you stand to have an empty place for a few dollars in rent increase?
If this tenant is bad and you would like to get rid of them, by all means hit them with a big rent increase.
If they are long-term renters, have not had a rent increase in a while AND the going rent has gone up a bit, then raise their rent. But, I would keep it below going rent so they will not move.
When you do raise someoneís rent, most of the times they will ask for certain work to be done.
What is the going rent? Itís what others are charging in the local paper.