What time notices are appropriate?

Question

Hey All,

Please share your thoughts, experience or advice on

1. Time frames to notify tenants of an increase in rent and best suggestions on how to approach that.

2. Time frames to notify tenants of  selling the rental property and any advice on how to best approach that.

Thanks in advance for any and all responses.

Christine Mwai · Answer

@Greg S, thanks for your response, any great ideas on best ways to address a rent increase?.. of course I do know it is my responsibility, any helpful suggestions on best ways to approach it? What methods work have worked best in your landlording experience?

Christine Mwai · Answer

@ Kelly, Thanks, not planning to sell with the tenants in.. just want to be fair and let them have time to find another place. This particular lease expires in July. I was thinking 3 months is fair..

Kelly N. · Answer

Hey Christine,

1.  We typically do leases with a one year term, and I notify tenants around 6 months in advance what their new rent payment will be if they wish to sign a new lease.  I give them time to think it over and let me know- 4- 6 weeks- and a second deadline to sign a lease by- another 4 weeks.  So I am getting my current tenants to sign a new lease around 4 months before the current one expires, and looking for new tenants from 5 months out.  We rent in an area with lots of students, and most units turn over in time for people to move in for the fall term, and I find that, for the most part, I prefer the tenants who are looking for a place this far in advance.

2. I haven't dealt with this personally yet, but would send a letter out shortly before you list the property.  I'd include in the letter what will happen with their lease and security deposit when the building sells.  I've talked to many freaked out tenants while looking at properties, they were worried they'd lose their deposit or get kicked out or have to pay a much higher rent once the sale took place.  I have a feeling showings would go a little better if the tenants weren't worried about losing their home or money...

Thomas S. · Answer

It is your responsibility as a landlord to know your state landlord tenant regulations. You can find them on line. Take the time to sit down and study.

Rent increases are 30, 60, 90 days depends on the regulations.

I do not know of an regs requiring a landlord to inform a tenant they are selling.