rent increases : ezLandlordForms

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Ellen D

started a topic about 15 years ago

on month to month tenants what is the max amount of rent increases allowed by the landlord and is there a max amount of times the rent can be increased

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Donald G

said about 15 years ago

I believe you can raise the rent anytime you please, , Some people do it once a year 6%TO10%on there rental aniversary, A lot of times you can judge on what you should get on what is the going rate on othwer places that have your same features . Your collection from your tenant should cover all of your expenses and then some in case there is a emergency and wear and tear of the apartment .You should ask what the going rate around your area .

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Donald G

said over 14 years ago

Standard practice is 6% to 10% yearly but its up to you.

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Barbara A

said over 14 years ago

If your tenant pays on time and keeps your property in good order and doesn't complain about anything - consider yourself very lucky and don't raise the rent unless you have major increases in tax or insurance. Great tenants are hard to find

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Deb S

said over 14 years ago

I agree with barbara.... consider you annual income if you have the property stand empty for a month? what if that happened every year? If you are turning over tenants all the time, you will not make money. So, unless your property is highly desirable, and rents at the drop of a hat.... keep the good tenants

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Cindy H

said over 14 years ago

Brian there is 2 ways to look at it 1. tenants get used to increase and expect it 2. tenants that are not used to it bulk at the idea when you finally have to increase If you increase by moderate amounts they dont feel like they getting hit hard you have to realize when your costs and repairs go up...who will be paying for it

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T K

said over 14 years ago

I think it HIGHLY depends on the market you are in. It would be unreasonable to increase rent if the market around you does not dictate the rent you will be charging. Furthermore, if you have really good renters (pay on time, keep the property up, etc.) I think you should think carefully about raising the rent yearly. When I was a renter I would have NEVER stayed at a place that raised the rent every single year. Every two years if it was reasonable, but every year forget it. Rentals are a dime a dozen, and unless you are in a really high demand area its silly to raise the rent yearly. Our rental market here is not great for supporting yearly rental increases. Even the large management companies do not increase rents yearly. So this "its standard practice to raise the rent" is not as standard as some like to think.

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Scott H

said over 6 years ago

If they are in a 1 + year lease you can not increase the rent until the lease is over unless the lease specifies increases. Otherwise 30 days for month to month.

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Robert S

said over 6 years ago

Actually check state and local laws on the amount of notice needed, especially for month-to-month leases. In Wisconsin there is a 28day notice requirement.