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Raising Rent Justifiable - Page 2

Most places I have lived in the US, if there is no lease and you are on a month-to-month tenants are usually only required to give a 30-day notice to vacate. If there is a lease, the terms are spelled out in the document.

Justifiable Rent Raising

In the US, the landlord can raise the rent for any reason they chose. However, they cannot do that during a signed lease contract period. Once the lease is over, they are free to take the rent as high as they like. They just have to balance out the demand part. If the price it too high and it takes too long to rent, then that is several months without a tennant. Probably would have been better to take less rent and keep the apartment full... This is for most landlords in the US. THere are a few cities where the rules are pretty strange...NY being one of them! I wont even try to explain NY leasing laws and apartment rights.

Raising Rent Justifiable History & Civil Business Politics

True, most places in the US have a 30-day notice period, whether it's rent increases or move-outs. However, mobile home parks are required 90-day notices for rent increases and for renewal of lease contracts.

Some places have rent control - L.A. is one area, I think Boston another - but that's almost more of a headache than just having standard law.

Raising rents in "difficult economic times" is financially unsound, in my opinion. Keep your good tenants, especially when times are tough. The good ones will stick with you, even if they lose a job or have an extended illness. The bad ones may pay more initially, but they will bail out at the drop of a hat.

I've been a tenant and I've been a property manager, and some owners just want to have the highest possible rent they can get - regardless of the circumstances and consequences. I've even dealt with owners as a property manager who would rather have empty apartments than lower their rent! That's just crazy, in my opinion.

Page 2 Justifiable Rent Raising

Well said above by others, but the bottom line is supply and demand. If there is high rental demand from tenants, owners can raise prices when leases renew. Smart ones will be moderate in the increase so they can keep their good, familiar tenants. They can only raise prices if there are no equivalent units available for less, however, or the tenants will move and the only way to replace them is to drop the price again to compete w/ the neighbors.

Occasionally, rents actually go DOWN! That happened here right after the dot com bust. People lost jobs and moved and rental demand went down - which is rare. To get new tenants owners had to drop rents (up to 30%) and they didn't fully recover for about 4-5 yrs.

Now we're in that part of the cycle for housing costs. No demand - lower prices. ECON 101.

Justifiable Rent Raising

Everything always comes down the simple supply and demand. If there is a large supply and little demand prices are going to drop. IF there is little supply and lots of demand prices are going to go up.

I think it is up to each landlord on how much he charges. He is going to get a lot of riff-raff if his rent is too low. He may not get anyone if his rent to high. Finding that balance is one tricky plan the landlords have to to keep renters happy.

Raising Rent Justifiable

It s hard being a landlord especially if you get a undesirable in. You can lose you house if your bank roll is not great enough. So it is imperative as a landlord to be able to raise the rent significantly to afford to maintain the property. That way you attract the desirable people.

Raising Rent Justifiable - Page 2

If you own rental property, or want to, there are tons of good books on how to find investment properties, how to finance them, and how to manage them. It is a huge topic and a huge industry.
Needless to say, it is way to complicated for a few posts here to allow you to make a smart purchase or pick the right tenant. Do your research, get a good adviser (more than one, even), study your market, get your financing together, then start looking.

Raising Rent Justifiable Politics Business Civil & History - Page 2

Yes my father in law had 3 rentals and had a lawyer on retainer the lawyer ran back ground on all the tenants that seemed appropriate. It was amazing how many professionals were worse then the people just getting by.