New Leases....Rised Rents
Hey TCI I'm in the process of buying a 7unit building and the tenents already have signed leases from the previous owners. My question is can I have them sign new leases with the new higher rents
I also wanna offer some type of incentive what should I do TCI I really need to rised the rents like $20-$35 dollars
If the leases are month-to-month, you can sign new ones after giving the tenants 30 days notice. If the leases are longer term, you'll need to wait until 30 days before they expire and then give the tenants 30 days notice about the new lease.
Now, if you can sign new leases, and would like to increase rents here are a few suggestions or things to think about:
- If possible wait until March/April to raise rents. You're much more likely to find new tenants at that time than in January/February.
- Do some small but noticeable repairs in the apartments where you're raising the rent.
- Offer a monthly lottery to every tenant who pays on time. The winner gets a coupon for $25 off of their next rent payment.
As the new building owner, you "inherit" the existing tenants and their leases. You are bound by the terms of the existing leases. You can always ask if they will sign a new lease, but they are not obligated to do so.
Check your local landlord tenant law. In at least one county in my area, I must give 60 days notice before a rent increase can take effect (even for month-to-month tenants), while notice to vacate only requires 30 days. [ Edited by NewKidinTown2 on Date 12/03/2004 ]
Thanks buddy I was great info. I love this Website because of people like you
Quote:
On 2004-12-03 05:12, alexlev wrote:
If the leases are month-to-month, you can sign new ones after giving the tenants 30 days notice. If the leases are longer term, you'll need to wait until 30 days before they expire and then give the tenants 30 days notice about the new lease.
Now, if you can sign new leases, and would like to increase rents here are a few suggestions or things to think about:
- If possible wait until March/April to raise rents. You're much more likely to find new tenants at that time than in January/February.
- Do some small but noticeable repairs in the apartments where you're raising the rent.
- Offer a monthly lottery to every tenant who pays on time. The winner gets a coupon for $25 off of their next rent payment.
you guys are GREAT dont know what I would do if I didnt have this website to fall back on Thanks!
Quote:
On 2004-12-03 07:17, NewKidinTown2 wrote:
As the new building owner, you "inherit" the existing tenants and their leases. You are bound by the terms of the existing leases. You can always ask if they will sign a new lease, but they are not obligated to do so.
Check your local landlord tenant law. In at least one county in my area, I must give 60 days notice before a rent increase can take effect (even for month-to-month tenants), while notice to vacate only requires 30 days.
<font size=-1>[ Edited by NewKidinTown2 on Date 12/03/2004 ]</font>