Is there a limit on increasing the rent?
How much can a landlord increase the rent by, and is there a limit?
In this video, Adam and Jesse discuss the importance of keeping rents in line with the current market and explain the process landlords should follow when reviewing rent. This includes researching comparable properties, documenting the evidence and having an open conversation with the tenant before making an increase.
They also discuss what can happen when rents are left unchanged for several years, why large increases can become more difficult to manage, and how tenants may respond if they believe a proposed rent is above market level.
The key takeaway is to review rents regularly, use evidence to establish a fair market rent and communicate clearly with your tenant rather than allowing the situation to become confrontational.
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