Our landlord told us he just re-financed the home and it caused the payment to increase. So, he is raising the rent. Our 1 yr. lease was up in Sept.'06. We are no longer in a contract. Is this fair ?
Please,help us understand why the large($200.00) increase and your opinion as to what to do. Should we look elsewhere ?
Located in FL.
2006-12-16 04:47:21 · 6 answers · asked by malak 4 in Business & Finance ➔ Renting & Real Estate
Your landlord may have had an original Interest Only mortgage and when time came to pay on the principle, rates were up and his payment ballooned. He had to refinanace to a fixed rate. The fixed rate payment was also higher than the interest only payment (interest only payments only last about 3 years, then people start paying more for the loan). He is obvioulsy passing the extra money on to you. Is it legal? Sure.
Do you have to stay w/ no lease? Absolutely not.
Look around in your area. See what else is available in your price range. Even if you can afford the extra $200, maybe there's something nicer out there for that price. Make a day to go visit a few places and see what the market's like there.
Good luck!
Happy Holidays!
2006-12-16 05:40:15 · answer #1 · answered by Josi 5 · 0⤊ 0⤋
Laws differ from state to state. In my city, rent cannot be raised more than 8% per year. Also if someone is renting for 30 days or more, regardless of whether there is a lease, they can stay and you have to go to landlord/tenant court to evict them.
Contact your local court and ask. Check it out online. You have rights and with or without a lease there may be a legal limit in your town. Know your rights.
Goodluck.
2006-12-16 05:29:19 · answer #2 · answered by Tellin' U Da Truth! 7 · 0⤊ 0⤋
I don't know florida laws but here you can't raise the rent more then 4%, however with that said... you also do not have a lease agreement anymore as it was up in September, I think you have 30 days to sign a new agreement for you to be covered by anything anyway. Its in that New agreement that the 4% increase (or whatever it is for florida) should be discussed. With no agreement they are completely in their legal right.
2006-12-16 11:53:04 · answer #3 · answered by Gig 5 · 0⤊ 0⤋
Basically you're in a month to month rental situation now. Unless you're in a rent control area and it's laws apply to you, he can do as he pleases. Some states have laws as to how much notice must be given prior to a rent increase.
If the rent is too high and you can find a cheaper better place, you let him know that you're going to move. The free market is the true rent controller. Only an idiot will base his rent on his monthly expenses.
Regards
2006-12-16 14:38:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
As a landlord myself, yes, he is within his legal rights to raise rent as much as he wants as long as it is not doubled. The law clearly states that a landlord cannot double rent...ie..from $200 to $400. It is his house, and he has his rights too. All you do is rent from him. But, at the same time, he is required by law to give you a 30 day written notice of a rent increase. I always give my tenants a 60 days notice.
2006-12-16 04:52:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Fair ??
NO..
But it is legal...
Move out ...
2006-12-16 04:54:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋