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Why Increase Rent?
A Landlord can look at increasing rent because the monthly rent for that property type has changed. Normally, a rental market price evaluation should be performed by a real estate agent, or by the Landlord to validate the high, medium, and low market rent for that type of property. The type of property pertains to how many bedrooms, bathrooms, square footage, etc. that matches your property. Landlord wants to keep this evaluation or report to justify the rent increase just in case your Tenants challenge the increase in Court.
{ Example: Current Rent = $1,000/month. Rent Market Evaluation: High = $1,800/month. Medium = $1,500/month. Low = $1,200/month. }
Landlord just has to choose between $1,800/month to $1,200/month or somewhere in between those two number to raise the rent to.
{ Exmaple: $1,400/month }
When To Increase Rent?
A Landlord can increase rent AFTER the Lease period has ended. If Landlord has issued an extension (Addendum) to extend the Lease period then Landlord has to wait until that extension expires.
{ Example: Lease ends 06/30/2024, then on 07/01/2024 Landlord can start the rent increase process. }
How To Increase Rent?
Landlord MUST have the Tenants lawfully served with a 60-Day Rent Increase notice. You can have an Eviction company ( like LVL Evictions ) lawfully serve this notice.
When Does New Rent Start?
1st, AFTER Lease period has ended. 2nd, AFTER lawful service of rent increase notice. Tenants will pay the current rent amount for at least 60 calendar days ( or 2 rent periods ), then on the 3rd rent period Tenants should pay the New rent amount.
{ Example: Rent Increase notice served = 07/01/2024. At Lease 60 calendar days (Current Rent amount paid) = 07/01-07/31/2024, 08/01-08/31/2024 (61 calendar days). New Rent amount starts (3rd rent period) = 09/01/2024. }
A Landlord can look at increasing rent because the monthly rent for that property type has changed. Normally, a rental market price evaluation should be performed by a real estate agent, or by the Landlord to validate the high, medium, and low market rent for that type of property. The type of property pertains to how many bedrooms, bathrooms, square footage, etc. that matches your property. Landlord wants to keep this evaluation or report to justify the rent increase just in case your Tenants challenge the increase in Court.
{ Example: Current Rent = $1,000/month. Rent Market Evaluation: High = $1,800/month. Medium = $1,500/month. Low = $1,200/month. }
Landlord just has to choose between $1,800/month to $1,200/month or somewhere in between those two number to raise the rent to.
{ Exmaple: $1,400/month }
When To Increase Rent?
A Landlord can increase rent AFTER the Lease period has ended. If Landlord has issued an extension (Addendum) to extend the Lease period then Landlord has to wait until that extension expires.
{ Example: Lease ends 06/30/2024, then on 07/01/2024 Landlord can start the rent increase process. }
How To Increase Rent?
Landlord MUST have the Tenants lawfully served with a 60-Day Rent Increase notice. You can have an Eviction company ( like LVL Evictions ) lawfully serve this notice.
When Does New Rent Start?
1st, AFTER Lease period has ended. 2nd, AFTER lawful service of rent increase notice. Tenants will pay the current rent amount for at least 60 calendar days ( or 2 rent periods ), then on the 3rd rent period Tenants should pay the New rent amount.
{ Example: Rent Increase notice served = 07/01/2024. At Lease 60 calendar days (Current Rent amount paid) = 07/01-07/31/2024, 08/01-08/31/2024 (61 calendar days). New Rent amount starts (3rd rent period) = 09/01/2024. }
