What is used to determine how much a tenants rent can be raised at one time?
Full Question:
On 12/05/08 I purchased a small building in Pennsylvania. The two tenants have been living there for one year; I need to increase their rent. They are paying $600.00 a month for a six room apartment and I don't know how much to increase the rent. The oil prices are killing me.
01/17/2009 |
Category: Landlord Tenant |
State: New York |
#15019
Answer:
Pennsylvania state has no rent control law, although you may wish to check to see if there's a local rent control ordinance. Notice of the rent increase should be provided prior to the expiration of the lease term, or in accord with the terms of the lease for notice of a rent increase. I suggest checking local listings in the newspaper or online, such as www.rent.com, to compare rental rates for comparable properties.