Inherited tenant rent increase.

2 Replies

I bought a duplex with one side vacant and one tenant with monthly rent of $625. Market Rent is $775. I was able to rent the other vacant unit for $775 with $25/pet monthly rent. The inherited tenant old lease will expire soon. How do I increase rent on the unit to Market Rent without creating artificial turn over? The tenant has 3 cats and I would like to charge $25/pet rent. My state has no rent control law.

There are some stats that up to a certain amount of rent increase tenants will stay. 35/mo they wont move. But when market rent is only say 100 per mo more you can't go much more than 35 to 50, with or without cats. You could take a pet deposit tho.

Originally posted by @Denise Dawson :

I bought a duplex with one side vacant and one tenant with monthly rent of $625. Market Rent is $775. I was able to rent the other vacant unit for $775 with $25/pet monthly rent. The inherited tenant old lease will expire soon. How do I increase rent on the unit to Market Rent without creating artificial turn over? The tenant has 3 cats and I would like to charge $25/pet rent. My state has no rent control law.

The laws vary from state to state. You need to either tell us what state you are in or research the laws yourself (preferred).

Generally, you can do whatever you want when the current lease ends. Contact the renter 30 - 60 days in advance and let them know you intend to increase the rent to market rate and start charging for animals. Tell them $775 for rent and $25 per month per cat. The other option is they notify you they intend to move out and you can start fresh with a new renter.

Tip: I recommend giving them written notice with a deadline. 15 days should be plenty of time for them to think about it and decide. Include a statement that if they fail to respond, you will move forward with termination and finding another renter.