Tenant’s Insurance
OIBA President, Gregg Luesby on Tenant Insurance
How should I word letter increasing tenant’s rent?
I haven’t increased it in a long time, lease has come up for renewal few months ago and I need to increase rent otherwise I go to foreclosure – my property taxes have gone up, mortgage payment’s skyrocketed, insurance premium’s gone up, gardener’s fee has gone up – i am barely scraping by and behind on my prop taxes to boot. Do I explain all this in my letter or what should I say? I’m not good at this sort of thing which is why their rent has remained low and I’m struggling telling them. Any ideas what to say?
It was a 1 year lease that expired in Aug 2008, we renewed it for another year and it expired Aug 2009, after which it is now month to month. They wanted to renew it but I haven’t gotten around to drawing up a new lease, so maybe that’s what I should do and have them sign that instead of the letter? I’m obviously not too experienced, it’s just a 1 unit house i rent out so not exposed to multi-tenants, just this family (who by the way walks all over me).
Dear Tenant(s);
This letter is to notify you that as of >date<, your monthly rent of >insert current rent< will be increased to the rate of >insert new rental rate<.
If you have any question, please do not hesitate to contact me.
Sincerely,
Landlord
PS. You must give proper notice time before you can increase the rent. In most states it's 30 days or a full rental period.
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