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Updated almost 4 years ago on . Most recent reply
Raising Rents Compliently
Hello everyone. About to have my first multifamily property under contract with my partner in Cincinnati, OH. Got it for a good price once I raise the rents.
All tenants are on month to month leases, and I know that rents can go up $100- $150 per unit right from the start. Am I able to give them a 30 day notice that the rent will go up or I will not be renewing there lease? Please let me know if there is anything I should beware of. Being a rookie I just want to make sure I do it correctly and legally . Excited for this journey and thanks in advance!
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#1 Contractors Contributor
- Contractor/Investor/Consultant
- West Valley Phoenix
I wouldn't phrase it in an 'or else' sort of way.....I would just send out a notice saying "as of 11/01/2021 the rental rate on your unit will be increased to $1800 per month. This is to bring rents current with typical values for the neighborhood. As new owners we will make every effort to maintain the units to the highest standards."