Wondering if can a new owner increase rent? When a new owner takes over a rental property, they cannot raise the rent immediately. Instead, the following rules apply:
- Existing Tenancy Continues: The change in ownership does not create a new tenancy. The existing lease or rental agreement remains in effect.
- Waiting Period: The new owner must wait for 12 months after the previous rent increase before raising the rent again.
- Notice: The tenant must be given a 90-day notice before any new rent increase takes effect.
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Can a New Owner Raise Rent?
Faisal
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2024-05-31T10:41:58+00:00 2024-06-04T11:15:04+00:00Comment
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