It seems that with high inflation, the cost of almost everything is rising, according to U.S News. But can landlords raise rents for tenants to offset these higher expenses?
The truth is that they can, however, you must consider some things.
To determine when you can legally increase the rents on your property, you must first read the terms of your lease. Then if they are unclear or you don't have a current lease, it will default to state law or any mandate in your municipality. You'll also need to check your state laws for guidance on how much you can raise rents, the notice you must give, and other details.
Remember that a landlord cannot increase the rent during the term of the lease unless such increase is agreed to, and stated, in the terms of the lease.
Having everything clear in terms of rents, between landlords and tenants, will always be the best option.
If you are a landlord or tenant and you have doubts regarding this, you can contact us, and we will gladly assist you.
Yale, J. A. (2022) How Landlords Can Legally Raise Rent. U.S News. https://realestate.usnews.com/real-estate/articles/how-landlords-can-legally-raise-rent