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RENT INCREASE IN PA. by Michael on February 3, 2008 @03:06

                              
I was wondering if anyone knew if there was a cap on rent increases in Pa, my year lease is over and we are now month to month but my rental cost is way below market value, $425 monthly for an area that gets $550 to $700 monthly for the same type of rental in my area, My rental is in excellent condition compared to the other rentals getting up to $700 monthly, Can i raise the rent $100 or $150 if i want to, my tenant may not like it but he has not been the best tenant anyway, anyone who can help, i would greatly appreciate it.
Sincerely,
Mike
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Re: RENT INCREASE IN PA. by Terry (ca) on February 3, 2008 @04:05 [ Reply ]
You refer to it as "my lease" is over so why did you charge so far below market a year ago when everything was in much better shape market wise? You need to thing in terms of percentage and reality and whether or not you are REALLY taking into accounts your "true" competition and what has changed vs last year when presumably you did the same. If you raise the rent 100 on 425 that is 23.5 percent! How would YOU feel if your mortage overnight went up that much? But there really is no limit as long as you give proper notice required by law. If you want your tenant to move however, do both you and he a favor and just terminate the agreement instead of playing games with rent amount. If you want them to stay reconsider how much in one jump and WHY it was so low in the first place. Lack of planning on your part should not constitute an emergency on the tenant's part...that's my opinon anyway. BUT I have raised rents that much but usually after I have evaluated the current inside of the unit vs many other similar ones in the area that are the same or close to mine. But usually only for inheritied tenants and usually not in the fist year at least.

I am not aware of any legal limit in PA or any state that is not in rent/eviction control anyway. BUT the market condiditions can and should in some ways control your actions. Can you afford a long vacancy in colder winter months right now? If you are going to raise THAT much why not wait until warmer weather comes around and it's easier to rent?

Re: RENT INCREASE IN PA. by NY LL on February 3, 2008 @06:16 [ Reply ]
As LLs, we should always keep abreast of the current rental market and the comparative competition of equivalent rentals. When we fail to compare, we will lose both money during rental periods and time during vacancies.
To address the issue, to the best of my information, only rent controlled and rent stabilized units are governed by mandates on rent percentage increases. Private rentals are only subject to market value in our economy.
Re: RENT INCREASE IN PA. by Anonymous on February 3, 2008 @13:12 [ Reply ]
No rent increase limits in PA. But I wouldn't wait until summer. Notify in May that the rent will increase in June. That way if he doesn't get out you have time to evict & get the unit ready for those that move in July-August before school starts. Get the rent to market levels and keep it there by small increases each year. Everyone is used to a small cost of living increase yearly and it won't be quite so shocking that way.

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