Rental Property Investor · Northridge, CA · Member since 2016 · 67 posts · 15 votes
Good morning! I have a condo that I rent out in **Port Hueneme, California **and the lease is up in three months. I usually charge in the rental market value however the rental market went up so crazy. I currently charge them 2100 but the average median price is 3150. Good problem to have but I would just like to make sure that I am charging in legally if I increase my monthly charges.
Hey @Raymond Macasaet that is a fantastic problem to have...I don't operate in California but as far as how much you can "legally" increase the rents its usually a quick google search to determine if your area is rent controlled or has any local ordinances.
If you are keeping the same residents and want them on a new lease, make sure you give proper notice of rent increase, (in my market its 30 days for a mtm tenant and 60 if they are on a lease) and a good strategy that I got from these forums is to increase it the most for a Month to month arrangement, and to increase it less for renewed lease.
If you are going to put it back on the market, I always like to try and push the rental amount as high as I can, even above current market just to see what interest I get, and if it ends up being too high the market will tell me that and I'll simply start lowering the price...but to me its worth trying to push that number at least for a couple weeks to see how it goes.
Great! Thanks for information and sharing your knowledge. There is no rental control in my area. Do you use any type of guidance for short term lease especially if I do monthy charges? Thanks!
Great! Thanks for information and sharing your knowledge. There is no rental control in my area. Do you use any type of guidance for short term lease especially if I do monthy charges? Thanks!
I'm confused. Your original post said the property was located in California. All of California has basic rent control thanks to the tenant protection act. There are exemptions depending on how new the property is etc so look up the exemptions for ab 1482. If they've been there longer for a year, its gets even more annoying.