Updated over 9 years ago on . Most recent reply
Raising Rents
Hello all!
So I'm curious about a property in Hawaiian Gardens, CA. If anyone has experience in this market, how do you deal with raising rents?
They claim market rent to be $1404/month and their current rents average $1104/month. (Don't worry about verifying this market quote for me I plan on doing this myself.)
My question is about raising rent and how it works. I understand that cap ex can justify raising rents but if a building is not under rent control, how fast am I allowed to raise rent? Is it purely market driven? Or is there a ceiling to how much I can do it a year or a month?
Please excuse the greenhorn question! And thank you for your time!