Rent Increase : ezLandlordForms

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Lester A

started a topic almost 16 years ago

What is the maximum rent increase allowable in Baltimore, MD.

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Douglas B

said over 9 years ago

I'm pretty sure you have to follow the current lease. Once the current lease, expires you can make changes.

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Douglas B

said over 9 years ago

If it is not a long term lease, you should give at 30 day notice that you are increasing rent. If it is a long term lease, rent can't be increased until the end of the current lease term. Of course rules are different if it's a rent controlled or rent stabilized property.

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Alexis C

said almost 10 years ago

Hey Richard, I agree with you. As per the contract or rent agreement property owner need to be raise the rent. It is compulsory.

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Dawn A

said about 10 years ago

How much does it cost to rent a moving truck? If it's less than that based on a year, usually people won't want to move especially if everything else out in the market won't be cheaper.

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Ryan H

said about 11 years ago

You can't increase rent without giving a monthly notice to your tenants. Tropicana Realty manages my three apartments in Killeen and to increase rent, they give 30 days prior notice to tenants.

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Richard W

said about 11 years ago

With a month to month lease you must give at least 30 days notice of the hike in the price of rent.

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Gladys F

said about 11 years ago

Hi Pamela, It's unfortunate that this has occurred...there are Liability issues and that's why the Insurer had you sign this paper...ezlandlord has an addendum for when people go through what you're going through, this is a lesson for you that you need to explain to the people ...should they bring in more people they are subject to increase in rent. Go back to the beginning and look at all the addendums..I believe it's called "Guest Policy" .they're there for your protection. The other thing you should ask your tenants to obtain is Renter's Insurance which will release you to a degree of any Liability...I'm assuming this is a house you're renting out. What happens if there's a fire, or a theft...that goes against your Insurer...when if you ask the tenants for a Renter's policy that insurance company is responsible and you just saved yourself from a big headache. Good Luck, I go through and read all my pages when I do a lease because I know ezlandlord will show me and give me pointers. I did one recently, I had all kinds of information (pertenent to my state) and as a Landlord you are responsible for doing all you can to protect yourself in the event of a Loss and comply with the Laws where you live or in this case where you rent your property. My lease was 28+ pages.

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Pamella D

said about 11 years ago

Thanks Richard and Gladys. I think I'm going to have to go the route of asking for a new agreement. When I initially rented the tenants were a couple and were filed as such with the insurance provider. The provider asked me for an update on the tenent and I advised them that the couple had taken in 3 people with disabilities and the provider said it now needed to be classed a a rooming house as more than 3 people residing there were not related. Thus the premium increase. I was also asked to sign a document that said I would not make a claim if any damage was the result of vandalism done by the tenant. I hope they understand my position. I think what these people are doing is great and would hate if this comes across as a negative.

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Gladys F

said about 11 years ago

Pamella, I agree with Richard W. unless you talk to your tenants and all agree then you can re-write the contract. Looks like you're trying to help them out. I have rental property and my rental is based on the going rate for the address in question(give or take a little)and because it is an "Investment Income" one wants to cover the required expenses with that rent.

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Richard W

said about 11 years ago

Raising the price to an amount that is higher than the agreed upon rent would have to be a new contract that both parties need to write up and agree on. Or in the rental lease renewal you can issue a rate increase.

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Karen S

said over 11 years ago

You may even be able to find info on your states website... they often have rental property info.

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Bob R

said over 11 years ago

Check your local agency. As for rent increase, that usually depends where the property is located. Check newspaper what other units are renting for. There is no formula. In CA you are limited to10% for a 30 day notice. Over 10% a 60 day notice is required per 12 months. . -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with Fed/State/Local and Tax Laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance. BTW...check out the Rental Property Organizer at Simp-List.com. Free Trial Download. A great program at a great price!

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Dawn A

said almost 12 years ago

You can charge whatever rent you want. There are certain states/cities that have guidelines, but most do not. If your tenants don't want to pay the rent, they can move out.

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Erica S

said over 13 years ago

In a week-to-week or month-to-month tenancy, the landlord can raise your rent by any amount if he/she gives you seven days notice for a week-to-week lease or 30 days notice for a month-to- month lease. Your landlord cannot raise your rent if you have a fixed-term lease. In other words, if you have a year lease, your landlord cannot raise your rent prior to the expiration of the lease. Illinois does not have a rent control law. Therefore, your landlord can raise your rent as much as he/she deems necessary. However, you should contact your local units of government to see if your city or county has a rent control ordinance.

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Jeffrey H

said over 14 years ago

My rent is more than $100 below market. Is there a limit on the amount you can increase rent in city of warren, county of macomb, state of mi. a house was sold across the street and truned into a rental getting $100.00 more per month, the lease is up in nov 2010. thank you for any help !!