what is the etiquette for increaseing a tenants rent. how much notice do i need to give them before increasing the rent.
2007-01-29 08:46:30 · 7 answers · asked by bluecow 1 in Business & Finance ➔ Renting & Real Estate
When their lease is up, then if they want to renew with you, then you can change the amount of rent. Don't they need to give you at least 30 days before they move out? Well, you should start asking them about 45 days before their lease is up and find out if they are going to renew.
If you raised their rent in the middle of the lease, you are breaking the law, they could take you to court and they would more than likely win, since you are breaking your own lease agreement.
2007-01-29 08:55:16 · answer #1 · answered by George P 6 · 1⤊ 0⤋
You can't increase the rent until the current Tenancy Agreement (TA) has run its course. I usually wait till the TA has about 2 months to run and then enquire if they wish to renew, and inform them that I will be increasing the rent by £x per month in line with other rents in the area.
However, if I have good tenants who are pleasant to deal with and pay their rent on time, I try to keep rent rises to a minimum. It's better to have decent tenants paying slightly less, than to risk losing them and having an empty flat.
2007-02-02 04:20:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Typically you can increase the rent every time you sign a new lease with the tenants, otherwise increases should be disclosed in the lease prior to entering the agreement (i.e. rent shall be x, increasing by 5% every calendar year...etc.).
It wouldn't be ethical to raise the rent in the middle of the lease.
2007-02-02 07:05:47 · answer #3 · answered by Marcus 3 · 0⤊ 0⤋
At least 30 days notice to increase the rent. Presumably you know you can only raise the rent at the end of a term.
2007-01-29 09:32:37 · answer #4 · answered by kingstubborn 6 · 0⤊ 0⤋
Depends. Are they still tied into a shorthold tenency agreement? If so, you cant increase rent till after the period is ended. I would have thought a month was sufficient notice. Although if you put it up shedloads be prepared for them to leave...
2007-01-29 08:53:33 · answer #5 · answered by R Stoofaloh 4 · 0⤊ 0⤋
subject to renewal period. The intial lease rate must expire and typically, tenants get notice 60 days prior to the renewal period so they can decide whther to move or stay. Also, gives you marketing time if they choose to move out. Everyone should have committed 30 days prior to the intial leas term expirying.
2007-01-29 09:32:45 · answer #6 · answered by boston857 5 · 0⤊ 0⤋
Isn't it in your lease...
2007-01-29 08:52:14 · answer #7 · answered by KL 5 · 0⤊ 2⤋