I am a new home owner of my late aunt 3 family property located in Rosedale Queens NY. How much could I increase their rent. I pay their utilities.
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I am a new home owner of my late aunt 3 family property located in Rosedale Queens NY. How much could I increase their rent. I pay their utilities.
Asked on May 9, 2009 under Business Law, New Jersey
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I am a lawyer practicing in CT. My firm represents several people that own commercial and residential properties. I suggest that you look at the leases that are in existance and look to see when they expire and what the options are as far as renewal. If the lease expires, the tenant is a month to month tenant and you are able to inform the tenant that the rent is increasing. To be safe, I would provide 30 days notice. As far as the amount of the rent you can increase, i would get a real estate agent to run the comparable rental rates in the area so as to justify the increase. Again, make sure you look at the leases to determine how this can be done.
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
You need to check your local landlord tenant laws on issues dealing with rent control (if any), and any issues concerning how much notice you can give them on increasing rent if they are currently on a lease.
Here is a start, there is a whole section on rent increases:
http://www.lsnjlaw.org/english/placeilive/irentmyhome/tenantsrights/index.cfm
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