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Updated over 7 years ago,
Timing of Renewal notices/rent increases
Hello All! I am newer to the forums and relatively new to being a landlord. I just purchased a home from another investor and it has a problem tenant in it. Not destructive, dangerous, etc but chronically late and always someone else's fault. Anyway, they have been pressuring me to provide a renewal rate at which I have said I would provide it at 90 days from renewal to provide ample time to make a decision.... They seemed appalled that I couldn't give them an answer 5 months in advance. So, What kind of time frame do you experienced folks use for renewal rent amount increase? Is 90 days reasonable, generous, or too short of notice for a rate increase/renewal notice?
I know some areas are very strict about this so I will say I am in the Dallas/Fort Worth, Texas metroplex which to my knowledge doesn't have any requirements for timeliness of renewal notifications (just 30 days if you are terminating the lease).
Thanks in advance,
James