My landlord informed us via mail that he has sold the house we rent from him to a real-estate company. They want to continue renting from us but I am worried they will raise the rent substaintially. If we can no longer afford to live here how much time do we have to move ?
2006-09-19 06:18:23 · 11 answers · asked by leo 4 in Business & Finance ➔ Renting & Real Estate
If you have a lease the new owner must honor the terms of the lease. The can't adjust your rent until the lease expires, nor can they force you to move unitl the lease expires.
If you do not have a lease, or if your current one has expired then you are a month-to-month tenant. The landlord can raise your rent at any time with proper notice. This is typically 30 days though a few jurisdictions may require 60 or 90 days. If you do not agree to the rent increase and cannot negotiate a more acceptable rent then you will have to move by the effective date of the increase.
The landlord can require you to move at any time, again with proper notice.
As a former landlord I can tell you this. A good tenant is worth their weight in gold! I always would forgo part of a rent increase in order to keep a reliable tenant who paid on time and took care of the property.
Keep in mind that rent increases are never cast in stone! Just because the landlord is asking for more money does not mean that you can't counter with a lower offer. A savvy tenant will always counter-offer the requested increase -- and if they're a good tenant they'll often get it!
You can do a quick and easy "sanity check" of rental listings in your area. If your rent is pretty close to market for the advertised rent on similar properties then you shold not worry about a major rent increase. Rentals are just like sales -- you can't get more than market price! You can use this information to evaluate any rent increase requested and as ammo to negotiate a more reasonable increase. On the other hand, if you're currently paying well below market, best get ready for a hefty increase or plan on moving fairly soon.
I'd also contact the new landlord and ask if they're interested in signing a new lease if you don't currently have one. This will give you a really good idea of what their plans are.
Good luck!
2006-09-19 06:41:20 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
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2016-07-19 18:13:01 · answer #2 · answered by Heriberto 3 · 0⤊ 0⤋
You need to check out your local renters rights. go to your public library and ask for a copy of your states renters rights hand book. each state has some variations of the landlord/tenant rights. I believe their is a mandated law stateing that a landlord has the right to raise the rent once every six months. do you have a lease? if so the new property owners have to honor that contract. ask around about the real estate company that bought your rental unit. i have heard good and bad things about some of my local companies.
2006-09-19 06:34:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The laws vary from state to state. If the new Landlords are going to raise your rent - they must notify you in writing. From that time you normally have as much as 60 days (or as little as 30 days) to move before the new rent takes effect.
2006-09-19 06:29:43 · answer #4 · answered by svmainus 7 · 1⤊ 0⤋
Your lease governs your rents. Upon expiration you may either renew or move. You may negotiate the rate as it is in the Lessor's best interest to keep it occupied. 2-3 months vacancy will not be overcome easily for a Lessor. But in any case they and you are under obligation to honor the lease, it is a legal binding contract.
2006-09-19 06:56:34 · answer #5 · answered by tnbroker1 3 · 0⤊ 0⤋
This will depend on the laws in your area. In Wa, the new owner must honor the current contract. Once that contract expires, you must be given 30 days notice in writing of any changes. At that time, again depending on your area this may vary, you need to give 20 days written notice prior to the end of the month if you intend to move.
2006-09-19 06:43:41 · answer #6 · answered by davidzgrl 2 · 0⤊ 0⤋
I assume that you signed a lease agreement for a specified time (6 months or 1 year).
If you have a written contract, the new company has to honor it.
If you are going month to month, then your landloard should, but is not obligated to, provide 30 days notice to you about raising any rent or that you have been replaced with another tenant.
2006-09-19 06:34:06 · answer #7 · answered by Michael W 3 · 0⤊ 1⤋
If you signed a lease, then the rental company has to honor it. They cannot raise the rent until the lease expires. You can live there and pay the same rent, until the end of the lease.
2006-09-19 06:26:05 · answer #8 · answered by Anonymous · 2⤊ 0⤋
that all depends. if they sign up a contract with someone else because you can't afford it then from as little as a week to around 2 months. I suggest you go and talk to the real estate agent and ask if the payments will rise. if they say they will start looking fir somewhere else, just in case. Its better too be safe than sorry
2006-09-19 06:25:35 · answer #9 · answered by nelli 2 · 0⤊ 2⤋
30 days is the usual time
2006-09-19 06:26:46 · answer #10 · answered by bprice215 5 · 1⤊ 0⤋