Oakland Rent Increase Question - Banking and CapEx Pass through
Hey Oakland Property Owners!
I have a few quick questions about rent increases. I just bought a duplex and the current tenants have been in the building for 5 years paying $2,000 (on month-to-month). They've had no increases since they moved in. I know that I am allowed to bank rent, but I am also in the process of installing a new roof and incurring capex costs. I'd like to bank rent and pass through capex if possible. I'd like to sign the tenants up for another 1-year lease, but with updated rent, so here are my questions.
- Can I bank rent AND pass through CapEx costs to the tenant? I was informed that it's one or the other, but not both. Either would require a 30 day notice.
- Should the new lease just include the banking amount and capex amount, or does it need to be address separately?
- If I incur additional capex costs later, can I pass them through within the same year, or is it just 1 increase a year.
Thanks,
Calvin
Most Popular Reply
It looks like 10% is the maximum increase.
http://www2.oaklandnet.com/OAK058515
This should have a bit of info for you: http://www2.oaklandnet.com/Government/o/hcd/o/Rent...
Congratulations on your purchase by the way!