Legal limitation on rent increases? - Posted by Kathy
Posted by Kathy on November 02, 1998 at 08:28:20:
I seem to remember reading some time ago that you can only raise the rent a certain percentage at a time. Anyone know what this would be?
Until last year when we raised a below market value rent $20, we hadn’t raised this tenants rent for 8 years. He couldn’t afford it and was a desireable tenant. He has since become less desireable, and I realized his lower rent is decreasing the VALUE of my property. I’ve decided to regularly raise the rent until it’s up to FMV.
If anyone knows the limit, does this mean once per year?