Rent increase/tenant has been for two years with same rent amount
Hi all,
I have two tenants in my 3B/3B property. One of the tenant has been there for 2 years with the same rent amount since he moved in we have a month to month lease. When is recomendé to increase the rent and how much is it fair?
TIA
Most Popular Reply
I see a lot of replies from people not in San Diego and with questionable knowledge of the market.
For tenants more than 12 months, you need to provide 60 day notice of rent increase
State wide rent control (AB1482) does not apply for rent by room or SFR. However city of San Diego (I am unsure you are city of San Diego and county or other cities do not have local rent control laws) has more extreme rent control (something named like tenant protection act). I suspect it does apply (because it covered virtually everything), but am not positive. You can Google either AB1482 or San Diego tenant protection act (went into affect late J.
The rent control increase amount Is 5% + CPI capped at 10%. Currently the 10% cap is in effect (meaning CPI was at least 5%).
The average 3 BR SFH rent increased $600/month last year in San Diego. This implies your $50 increase is too low. You should raise at least $100 and consider raising rent 10%. Because you have not raised rent in 2 years, even 10% increase will have your rent below market rent.
As others have indicated, it is better to raise rent annually than to wait and have a bigger increase.
good luck