How Do I Notify Tenant That I Am Raising The Rent ?

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How Do I Notify Tenant That I Am Raising The Rent ?


Apartment Listing  

It is normal for landlords to raise the rent eventually at some point of time during the tenant's stay. Some landlords have it included in the rental agreement that they are entitled to raise the rent every year or once in 20 months. However, most tenants forget about the agreement once they sign it and move into the house.

They will need to be reminded gently when the time comes and this is also required by law. There are several rules that apply when it comes to increasing the rent and the landlord should keep these rules in mind. The landlord cannot raise the rent frequently and it should be once in two years or once in a year. This rule also depends on the state that they live in. The rental rise should be a percentage and it should not be an exorbitant amount or something that can double the rent within one year. The allowed amount is 15 percent of the monthly rent or the yearly rent. Usually the tenant is given an option to agree to this amount or decline it as it will also be included in the rental agreement.

Landlords can also include a clause saying that if the market conditions are rife enough where it would warrant a more than 15 percent increase or a revision of rental amount it can be mentioned in the agreement. Beyond this the increase in rental amount is not allowed. At the same time even a tenant should know the laws of the land as far as the rents hike go.

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How Do I Notify Tenant That I Am Raising The Rent ?