The property is located in Rochester, NY. The house contains 2 units. The upstairs is going month to month for $500, I want to raise it to $550. The downstairs is going for $500 also (Owner is foolish) and I want to raise it to $650 when the current tenants lease is over next May. Can I raise it that much? Any suggestions?
2007-08-13 02:33:48 · 5 answers · asked by theent1 2 in Business & Finance ➔ Renting & Real Estate
Whenyou boght the property you also bought and became responsible for all legal impediments on the property. That includes any outstanding leases. When those leases run out you can do anything you want but for now you have to honor the terms of those leases.
2007-08-13 02:49:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You are the owner, you can change the price to whatever you want when the current lease is up. I would suggest that you discuss this in advance with your tenants so that they can give you an indication of their desire to pay or leave so you won't be left without a tenant when their lease is over. I would give the upstairs month to month leasors at least a month's notice and also why rent month to month.
2007-08-13 09:40:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
your upstairs tenant likely is owed 30 days notice of the new rental rate.
same for the downstairs tenant ... which'll be 30 days before the lease expires.
AND, you'd do best to google NY tenant laws on the subject. I'm certain they are online. [what if NY law says 60 days?]
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I assume that Rochester does NOT have rent control -- or does it?
if it does, you're in another completely different ball game.
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btw, NY is reputed to have one of the worst eviction laws in the nation, from the landlord's viewpoint. court cases over evictions have been known to drag out over a year or longer -- which is why I won't buy any rental property in NY.
Sure hope you knew that before you bought the place.
GL
2007-08-13 09:41:22 · answer #3 · answered by Spock (rhp) 7 · 1⤊ 0⤋
provide the tenants w/ the notice to raise the rent 45 days before the lease is up.....this gives them 2 wks to decide, and time for them to give you 30 notice, if they choose to move, and everything comes to an end on the final day of the lease, and if your lucky...their out.
at the end of the lease is when to raise the rent, or w/ new tenants........if you so choose...
2007-08-13 10:43:42 · answer #4 · answered by DennistheMenace 7 · 0⤊ 0⤋
you can, but expect to lose your tenants.
2007-08-13 09:39:44 · answer #5 · answered by Anonymous · 0⤊ 1⤋