Hello oh lovely and generous BP community!
Question that some searching didn't answer.
I'm in Idaho and about to lose tenants who aren't happy with a rent increase - this is fine, we aren't upset to have to get new tenants. They had a one year lease which clearly states that they have to give 30 days written notice to not renew the lease.
So they are going to be at least 8 days overdue, and we are going to prorate their rent to cover to 30 days. Here is the question:
Can we prorate the rent using the new, higher rate that the apartment is going to be rented for? Or do we have to stick with the rate they have been paying?
Thanks in advance for your help!
If Idaho allows you to give 30 days notice for a rent increase, then I say you can pro-rate at the new higher amount.
Thanks for the advice!!
I should have put the word Boise in the post too to make sure I get some local peeps who know Idaho law. :)
I assume we have 30 day notice to increase rent - the lease is up and I believe we can increase at that time, with 30 days.
Assuming you gave notice of the rent increase I would say that you could use the new rate.
Thanks for the advice! We gave 30 days written notice and extended the amount of time for them to respond. I think we'll go ahead with the increased rate.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing