Rent Increase Letter or Notice
A rent increase letter or rent increase notice is usually of the concern of landlords when they decide to surge the expense paid to them in return to their property used by a person. A rent increase letter is written as an official letter to tenants, with this document one can make sure that all the necessary information is in writing so that there isn’t any confusion caused over the upturn in rent. Such letters are documented when a landlord wants to notify the tenant about the increase in monthly lease, a record is to be created regarding the increase of rent, or the ordinance of a particular city allows to increase the rent.
Include a rent increase at each lease renew
It is customary to increase the rent after each year by 3-5% of the net cost of property rented. In the contract, the thing must be mentioned in order to avoid later confusions. However, a few property owners prefer to increase after a five years span yet it is not considered as a good practice as may lead to dispute due to an accumulation of expanse.
A notice prior to increment
It is customary to send a letter highlighting that rent is going to be increased, it aware the tenant about the current scenario and besides this owner can also judge tenant’s intentions. In the letter you may compliment the tenants due to their good traits of paying the rent on time, taking care of your property etc. it is advised to write such a letter at least 60 days prior to the increment of fare.
A rent later is a way to eliminate any misconceptions that may arise regarding to increment in rent among the two, tenants and landlords.
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Rent Increase Letter Template
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