Rent Increase with Pre Existing Lease

[Joseph Ruzic]

Hi, I’m interested in purchasing a property that has a pre-existing lease through 2020. My question is can I raise the rent between now and 2020 if the market value for the rent is under by about $100 since I would be the new lessor??

[Aaron K.]

Most likely no because they signed a lease that binds them to existing terms, and unless those terms have a rent increase it is unlikely you would be able to raise the rent for the term of the lease, but contact a local property manager to be sure, they will know the law in your locality.