Re: RENT INCREASE IN PA. - Landlord Forum thread 150730

Re: RENT INCREASE IN PA. by Terry (ca) on February 3, 2008 @04:05

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?

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Re: RENT INCREASE IN PA. by Michael on February 3, 2008 @04:39	[ Reply ]

Thanks.. And any raise would be in the summer months, as far as can i afford to have this property empty, Yes !000%, not a problem. Thats the biggest problem, i have not adjusted rents for years now because i just never thought of it or i could afford not too, until i realized how much lower my rents were compared to other properties in my area. Its my own fault but i have to make my rent compare with peoples in this area.