Can I raise rents by whatever amount on mtm tenants in Florida?

Question

Hey guys,

I'm buying a duplex in Lehigh Acres, FL, and inheriting great tenants but their rents are way below market rent. They're currently paying $1,100 per unit when it should be $1,650. I want to offer a rent raise to $1,350 for the first 3 months and then turn it into $1,600.

I have read the entire Florida landlord/tenant statutes listed in leg.state.fl.us and didn't find anything about a maximum rent increase. I know I have to give them 15 days notice because they are month to month.

I just want to double check: does anyone know for sure if there is a maximum rent increase cap in Lehigh Acres, FL?

Thank you!

Henry T. · Answer

PS, hopefully an attorney that knows what he's doing. Some are really stupid and are willing to learn on your dime. So do the proper research.

Henry T. · Answer

I know nothing about Florida. But here's how the big boys do it when they buy a building or whatever.. Boom!!! Done. None of this incremental crap.

You need to check your city and county laws, not just state. Or find a real estate attorney in your city.

Marelyn Valdes · Answer

If you are going to do anything I would do it soon because of senators like the one in this article trying to pander to tenants. https://www.wesh.com/article/florida-cap-rent-increases/40091480#

Nathan Gesner · Answer

I'm not aware of a law limiting rent increases, but things have changed a lot lately. It's best to contact an attorney to be sure or find out where the laws are and read them yourself.

I am not a fan of incremental increases. It's more likely to cause confusion or missed payments, the tenant will still be upset, and the tenant may eventually get to a point that they can no longer afford the rental. If your rental is worth $1,650 per month, then my suggestion is that you notify your existing tenant and give them the opportunity to renew at the higher rate or move out so you can find someone else. If the existing renter wants to stay, you should require them to provide verifiable proof of income to show they can support the higher rate.

Evan B. · Answer

in my opinion it would be risky to raise is so suddenly, even if its at market rate, because people are budgeting for the current cost.

Maybe you could do a 5% per month raise over time? or 5% every other month? Do the numbers still work out to cashflow (or at least cover costs) at the current rents?

Theresa Harris · Answer

There is a news article stating there are new laws being enacted in some communities that you need to give tenants 60 days' notice if you are increasing rent by more than 5%. I don't know what part of Florida you are in, but you can check the local news to see if it affects your area.

Can I raise rents by whatever amount on mtm tenants in Florida?

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