I have a lease that is expiring in a couple months. When they signed the lease I didnt have the electric seperated yet. That has been done since. I also have plans to put in a second furnace to seperate the heat out before next winter.
I want to have the tenant pay for their own heat and elec. I am willing to reduce the current rent to offset them having to pay the utilities. I found a document that was dated 2002 that stated that Ohio did not have any laws that regulated rent increase after a lease expires.
Whether there is a law or not for a max. 5% increase, if I am reducing the rent but adding utilities, does that still qualify as a rent increase? Its more of a change of terms to me???
How has anyone else handled this before?
THanks for your responses…OHLandlord
Would they be paying the utilities directly to you or would they pay the eletric and heating companies separately?
I would rather not deal with it so I would have them pay directly to the utility company. There will be a transition between when they sign the new lease and when I get the new furnace in. I will have to figure out how to handle the transition period. I would like to seperate the central air out as well. I may end up just having a large wall unit installed rather than putting in central air. I will have to see what the quote comes back with from the HVAC.
OHLandlord
Rent is rent and utilities are utilities and never the two shall meet. At least that is the rule here in NY. Therefore swapping lower “rent” for paying utilities would not be an issue.
Missy