Covid-19, rental agreement renewal & rent increase

[Robert Vorhies]

My tenants lease agreement is up for renewal on May 1. I need to send him a new annual contract with the annual rent increase by April 1st.

With all of this Covid-19 craziness going on and fear of tenants of not paying is it a good idea to increase the rent?

Or should I postponed the contract renewal?

I was going to increase the rent by $200 instead of the normal $100 because I found out he had 2 cat.

I would like to know what everyone is doing in this situation.

Thank you

Robert

[Marc Winter]

@Robert Vorhies, maybe try something like this:

'In light of the current CV19 situation, we will renew your lease at the current rent, plus a pet fee of $xx.xx.  After the current CV19 situation is resolved, we retain the option of adjusting your rent to more closely reflect the market rate.  Stay safe and well.'

Then formulate a clause to cover it, and add that to the new lease renewal.

Good luck.