RENT INCREASE NOTICE: WHAT SHOULD YOU DO?
A sudden increase in rent is never, ever a fun. Getting a rent increase notice from your landlord may ruin your whole day. That notice is one of the most dreadful things a landlord can send to his residents. As soon as you recover from the frustrative shock, it’s time to start thinking about your options to deal with that notice in the most wise way. There are many things to be considered when you receive such a notice from your landlord, some of which are discussed as follows:
When can my landlord increase the rent?
Remember, your landlord can only increase the rent when a new lease is being signed. There is no way your landlord can raise the rent in the middle of a contract. You will see a raise in rent only when a new lease term begins.
Major reasons behind rent increase
There might be a number of reasons behind a rent increase notice. One of the major reasons is a crucial upgrade in the property. An unexpected rise in property taxes, increase in the cost of building maintenance, in order to match market rates etc could be some of the main reasons. Seasonal repair and maintenance errands cannot often be put off so easily.
What is the hidden incentive?
No matter how frequent or early your landlord decides to raise the rent, there is always a hidden incentive for you to stay. It becomes more obvious in case you have been a friendly long-term resident and are on good terms with your landlord. There are always renewal incentives, like a new carpet, or a carpet cleaning or even replacing the outdated windows and light sheds in your apartment. No doubt these are small renewal gifts as compared to the raise in rent, but these are a symbol that your landlord gives you a value as his tenant.
How is a rent increase calculated?
Usually a rent increase is based on a percentage of the current rent, typically something along the lines of 5-10%. But it must be noted that various laws are implemented in various countries and even in various regions of the same country.
Cost of shifting an apartment
When you're thinking about, whether to stay or pursue a rent increase notice, the cost of shifting ought to be at the highest priority. Shifting an apartment is not cheap now a days, and takes a great deal of manpower and time. In the rent increase is genuinely small, and you love the place where you live, moving is more inconvenient as compared to the increase in rent.
Reasons to stay and pay the increase in rent
- The rent is similar to different apartments in the locality.
- upkeep requests are completed in a convenient way.
- Administration is proficient and has a feeling of urgency regarding the care of the apartment.
- The landlord is trustworthy and convenient to contact. He or she follows up with the occupants.
- If you are happy with the location and it is near to your workplace.
- If the interior of the building is up to date, it has all of the amenities that are most important to you, you might want to consider staying put.
- The neighborhood is safe and friendly.
- Entertainment and food options are nearby.
Reasons to shift
- The rent increase is more than you can manage the cost of and not equivalent to adjacent comparative buildings.
- Moving would be more cost effective through the span of a year as compared to staying.
- Administration is annoying and amateurish
- The upkeep of the property is inadmissible.
- Repairs and upkeeps do not meet your standards.
- Administration does not make repairs in time.
- Despite a handsome increase in rent you do not notice any prominent upgrades in your apartment.
- Management has changed their standards for how they qualify planned tenants, so the elements of the property are changing to poor standards.
- You discover that some of your neighbors are paying generously less rent than you for the same size apartment and courtesies.
- Common-area facilities are not maintained properly.
No doubt it is tough to decide between a lease renewal and finding a new place to live. Think about all the options you have before making a decision. Ignoring the materialistic approach just consider which route will make you happiest.
Remember once you have decided to move to a new place you'll be stuck with your decision for the next 12 months whether you like it or not.
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