Re: Old tenant, new owner - Landlord Forum thread 359364

Re: Old tenant, new owner by JAMES on June 4, 2019 @22:26

I am a LL down in Rhode Island.

Having "inherited" previous tenants, I actually think they can be great. The house I purchased had tenants that carried over from both the previous landlord, and the LL before that.

Losing a great paying tenant for the sake of a couple hundred bucks may prove to be a bigger loss over the mid-term. Cleaning, remodeling, advertising a place could quickly prove to be of larger cost than hiking their rent only to have them leave.

Searching online, this comes up. It is on page 6 of the PDF, under 5.

"If your rent increases after you move in, your
landlord may not increase your security deposit.
Your security deposit is limited to the amount of
your very first month's rent.6
But if the rent goes up and you agree to pay the
higher rent, your landlord can ask you to pay
more for the last month’s rent. So, your last
month’s rent equals the new higher rent. "

You cannot increase security. I am not sure about last months rent. But again, I would be hesitant to nickel and dime a long term tenant.

Protecting yourself now...part of this venture requires a bit of risk. From my experience, I would not go too harsh on old tenants. They have proved to be some of the most reliable and forgiving that i have had.

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Re: Old tenant, new owner by JAMES on June 4, 2019 @22:27	[ Reply ]

Sorry, forgot to link this PDF: https://www.masslegalhelp.org/housing/lt1-chapter-3-security-deposit.pdf

Re: Old tenant, new owner by Aleta on June 27, 2019 @19:12	[ Reply ]

Thank you!