Updated almost 10 years ago on . Most recent reply
Question About Rent Increase
I want to raise the rent on a tenant that I've had for two years. I'm increasing the rent $50 per month beginning January 1st. What is the best way to do this? My lease doesn't talk about rent increases at all. The tenant signed a one year lease that expired in January 2015 and they are currently month to month. I was planning on calling the tenant to let them know about the rent increase and then mailing them a letter just to give them something in writing. Should I be sending them something to sign, like an amendment to the lease? I'm in Baltimore County, Maryland if that makes a difference.
Most Popular Reply
@Ned Carey is right about the 30 days notice. Adding a little value to them is always a great idea! If the tenant is great, I would work to avoide turnover. $50 is no small amount, depending on what rent is. If you do a new lease with them, I would definitely add language about future rent increases. Many address it by saying that it can be increased by a certain percentage annually.