Posted by Sean on May 06, 1999 at 10:55:13:
Raising rents is not only legal, it’s a moral imperative! You just can’t do it while the lease is active. What was the duration of the lease? I’m betting that it was less than 2 years.
Here in California once a lease expires and money still changes hands the person is switch to a month-to-month tenancy. That means rent can be raised by giving the person a 30-day notice of the new rent.
The questions to ask yourself are:
- Is there rent control in my area that prevents me from raising the rent more than a certain amount?
- If this tenant suddenly moved out and I had to rent to someone new, how much would I be able to get?
I would say if the person hasn’t had a rent raise in 2 years he needs an 8 percent hit to build his character.
Here in Los Angeles we have to deal with the Rent Stabilization Ordinance which limits us to 3 percent a year.