Lease and rent increase : ezLandlordForms

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Lease and rent increase

Doug K

started a topic over 14 years ago

If I have a tenant who is in a current 6mo. lease. At the end of that lease they wish to sign another 1yr. lease. If I leave the rent the same for the next lease is there any law binding me to keeping the rent then at the same price if they wish to renew for a third time? They seem to be decent tenants but we are currently renting it for lease than the market value. At the end of the second lease 1.5 years later we must increase the rent to maintain the value of a rental property. I was considering putting an increase in the next lease and then giving them a discount of said increase so as to show the pattern. Is this necessary and maybe a good idea. A $50. increase would give them $600.00 off the year. If that is how it should be done can I just write in the lease that the $600. is for signing and fullfilling a full 12 months which they would owe if they do not finish the lease?

1 Comment

Denise S

said over 14 years ago

As long as it is contained in the Lease, there should be no problem with an automatic increase in rent. I would have your tenants initial that part of the lease just in case there is a problem.