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Raising Rent
D
David R. S
started a topic
over 8 years ago
What is a reasonable amount a landlord can raise the rent per year?
6 Comments
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B
Bea S
said
almost 8 years ago
I found that on the increase form I'm using
B
Bea S
said
almost 8 years ago
WRITTEN LEASE - WITH END OF LEASE PROVISION: Instructions and/or terms in the lease itself that provides for how to end or terminate the lease shall be followed unless both parties agree otherwise.. WRITTEN LEASE - WITH NO END OF TERM PROVISION If there is no provision in a lease regarding what happens when the lease ends, the lease simply expires, and the tenant becomes a “holdover” tenant. At this point, unless the landlord agrees to continue the tenancy or a new lease is signed, the landlord can start eviction proceedings MONTH TO MONTH LEASES: If the lease is a month-to-month tenancy, either party may end the lease with at least a month’s advance written notice to the other party unless the landlord otherwise agrees. Sometimes landlords will permit a termination date other than the last day of the tenancy if enough notice is provided. Notice should be in writing and handed to the landlord or sent certified mail. RENT INCREASES Landlords may increase a tenant’s rent only after proper notice. The landlord may not increase the rent during the lease term unless the tenant agrees. IMPORTANT While the law does not mandate formal legal service, it does require ensuring that the tenant actually receives the notice. Therefore, landlords should hand the notice to the tenant personally or send it certified mail.
B
Bea S
said
almost 8 years ago
Rent can be increased only after proper notice. In a month-to-month tenancy, a written notice must be given at least fifteen days before the end of the period and fifteen days prior to the date the rent increase is to become effective. If a rental agreement, whether written or oral, specifies the amount of the rent for a set time, the rent cannot be increased during the time specified, without the mutual agreement of the parties. There are no federal or state rent control or rent stabilization laws that apply in Idaho. As a result, there are no legal limitations on how much or how often a landlord can raise the rent.
E
Elizabeth M
said
over 8 years ago
Check your own states laws. I usually raise rent by $25 per year right now. I will lower rent if it helps retain a good tenant. This all depends on the market. I always try to research what other properties in the area are going for to be more educated.
E
Elizabeth M
said
over 8 years ago
Check your own states laws. I usually raise rent by $25 per year right now. I will lower rent if it helps retain a good tenant. This all depends on the market. I always try to research what other properties in the area are going for to be more educated.
D
Derrick D
said
over 8 years ago
Many state have a requirement and it is usually a percentage maximum you would want to check with your local court or real estate attorney.
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