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Updated over 2 years ago on . Most recent reply
Annual Rent increase language in residential lease agreement?
Hi All - I have two single family rentals right now and multi-year tenants. We do a rental agreement every year, but of course I'm a softy and have a hard time raising rents. Does anyone have an example of rental increase language that they put in their lease agreements? IE./ '$X/month with the option to renew on Y date for +% prime ...' or something? Do people do that?
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#5 Multi-Family and Apartment Investing Contributor
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- Shelton, WA
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#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
@Anne-Britt Ostlund welcome to posting at BP! I don't have that formalized in the lease. Existing tenants get raised 3 to 5% annually by a renewal addendum. Many of my tenants are longer term and have been in the building for years but I keep them near market rate. New tenants come in at market. Hope that helps and all the best!