Rent Increase Wording (by Joey [NJ]) Apr 6, 2011 12:58 PM|
Rent Increase Wording (by Ellie [IL]) Apr 6, 2011 1:09 PM
Rent Increase Wording (by Jim in O C [CA]) Apr 6, 2011 2:17 PM
Rent Increase Wording (by Doug [NJ]) Apr 6, 2011 3:17 PM
Rent Increase Wording (by rick [NJ]) Apr 6, 2011 4:25 PM
Rent Increase Wording (by CarolJ [CA]) Apr 7, 2011 12:38 PM
Rent Increase Wording (by Steve [MA]) Apr 7, 2011 1:04 PM
Rent Increase Wording (by Nancy [IN]) Apr 9, 2011 4:30 PM
Rent Increase Wording (by Joey [NJ]) Posted on: Apr 6, 2011 12:58 PM
I have 3 really great tenants, have been with me 3 years, on one year leases, and i havent raised rents, however this summer i just gotta raise them since property tax increases are killing me. Should i say something to that affect when renewing them, or is there no point. Is there anyway specific you would word the increase? --80.179.xxx.xx
Rent Increase Wording (by Ellie [IL]) Posted on: Apr 6, 2011 1:09 PM
Because of the increased cost of taxes and insurance, we must reluctantly inform you that your rent is being increased by $ xxx per month. Effective June 1st, your rent will be $xxxx per month.
We have been very happy to have you as a resident and hope you will stay
with us. If you have any questions, please do not hesitate to call.
Rent Increase Wording (by Jim in O C [CA]) Posted on: Apr 6, 2011 2:17 PM
Very good letter from Ellie. That's what I would do. I also include that my insurance increases yearly along with the property taxes. --72.25.xx.xx
Rent Increase Wording (by Doug [NJ]) Posted on: Apr 6, 2011 3:17 PM
Since it's NJ, make sure you send them a notice to quit regarding the rent increase, just in the event they decide not to pay it, you have recourse... I do it even for month to month tenants, and just put at the bottom that if they agree, starting on june 1, the existing lease will remain in force. --67.85.x.xxx
Rent Increase Wording (by rick [NJ]) Posted on: Apr 6, 2011 4:25 PM
If your rental fall under NJ anti eviction act: NJSA 2A:18-61.1 then you need specific wording in your letter or itís not Kosher i.e. Ellie notice supplied above
Your notice must have wording to terminate the original lease that includes demand for possession Under Lowenstein v. Murray , 229 Super 616 (law Div. 1988) so the above letter posted would not be sufficient under NJ law
I have no idea why a person without any knowledge of NJ law would chime in on how to legally do a rent increase in NJ
Rent Increase Wording (by CarolJ [CA]) Posted on: Apr 7, 2011 12:38 PM
I don't know about NJ LL/T laws but in CA you have to give them a change in terms of tenancy notice and it has to be within the correct timeframe. That notice is pretty dry legal verbiage.
30 days, I believe, so you really have to count back 35 days to ensure it gets there in time so they have a full 30 days.
NJ also may be different in different counties as well. I'd be very careful you do it the way that your laws dictate so you don't run into any issues.
Rent Increase Wording (by Steve [MA]) Posted on: Apr 7, 2011 1:04 PM
Once you figure out the correct / legal way to raise rents in NJ you should raise the rent yearly. I find that a small increase each year is more palatable to tenants than a major increase every few years. --72.85.xxx.xxx
Rent Increase Wording (by Nancy [IN]) Posted on: Apr 9, 2011 4:30 PM
XXX LLC wishes to extend its appreciation for the opportunity to serve you and appreciates your tenancy in the house on 81st Street.
We trust that you have been satisfied with our services and that you wish to renew your agreement for a 1 year period, beginning May 1, 20xx.
Due to increased operating costs entirely beyond our control, the monthly rental rate for your property at XXX Main Street will adjust from $700.00 per month to $750.00 per month as of May 1, 20xx.
We trust this will be acceptable to you and that you wish to remain. We do try to keep increases very minimal for our excellent residents and wish we did not have to make increases, but our costs increase exponentially every year. Should you wish to vacate, your Lease indicates that a 45-day notice is required. We do hope you choose to stay instead. Enclosed you will find a Lease Agreement Addendum, which indicates that the Lease will continue for one year on the same terms with the adjusted rent to begin as of May 1, 20xx.
Please return said Addendum with your signature and a copy will be sent to you. Thank you for your prompt attention to this matter.
[I'm wordier than some but I want them to feel after several years that I am really trying to do my best for them, which I am. A good, long-term, low maintenance tenant is worth gold.]