Evaluating/Handling a 5 Year Rental Agreement in Ohio

Member since 2023 · 17 posts · 10 votes

As it turns out, a tenant in a property I have under contract is NOT on a month-to-month agreement. Instead, they are 2 years into a 5 year lease (2021-2026), signed with the owner prior to the current one that is selling. The rental agreement is under-market rent for the area by ~$400/month and my strategy would be to implement a rental increase or end the current agreement with the proper 30+ day notice. Getting this right is crucial to making this deal work. To the Ohio Attorneys, how do you interpret the attached two line items in the current agreement and whether I can with at least 30 days notice, increase the rent or end the agreement? The phrase "from either party" in line 15 seems to conflict with "written agreement of both parties" in line 17. Thanks.

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Alex Rehman
Property Manager · Cleveland, OH · Member since 2023 · 96 posts · 74 votes
3y
You cannot ask the tenant to increase the rent as agreement clause 17 states that for the entire agreement, all clauses shall remain the same. However, you can evict/terminate the agreement and then enter into a new agreement with the increased amount of rent.

Long story short, you cannot increase rent by having this agreement, but you have the right to terminate the agreement.
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Quincy AmekuediPro Member
OP
Member since 2023 · 17 posts · 10 votes
3y
Quote from @Alex Rehman:

You cannot ask the tenant to increase the rent as agreement clause 17 states that for the entire agreement, all clauses shall remain the same. However, you can evict/terminate the agreement and then enter into a new agreement with the increased amount of rent.

Long story short, you cannot increase rent by having this agreement, but you have the right to terminate the agreement.

Hi Alex - Thank you. I'm sending you a DM now.
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