Hello,
I live in Santa Clara County (California) and have a rental unit. In a few month I’m planning increase rent payment for my tenant. . How and when I have to inform him? Do we have a standard template for this notice? Should I provide him the reason on why I’m increasing the rent?
BTW: I know that I can increase no more then 5% yearly.
Thank you ALL.
cosmos,
A simple “Change of Rent Notice” should do the trick. Leave me your email and I can send you a template that I use. Its defined in my lease that I will provide a full 30 days prior to any changes such as rent increase. If you are feeling nice, you can provide 60.
You dont have to answer to your tenant. This is a business and you must treat it so (respectively). Do you get an explanation when the price of milk goes up?
There are always reasons that you can provide if you feel the need. Increase in utilities, increase maintenance…
OHLandlord
The People’s Republic of California dictates the amount of notice that must be given:
“Under the law, your landlord must give you at least 30 days’ advance notice if the rent increase is 10 percent (or less) of the rent charged at any time during the 12 months before the rent increase takes effect. Your landlord must give you at least 60 days’ advance notice if the rent increase is greater than 10 percent. In order to calculate the percentage of the rent increase, you need to know the lowest rent that your landlord charged you during the preceding 12 months, and the total of the new increase and all other increases during that period.”
From the California Department of Consumer Affairs website…
Keith
Thank you ALL for replying on my post.