Property Manager Lowering Rent Without Contacting Owner

[Mark Urich]

Hi everyone,

While looking over a monthly statement I realized there was a security deposit paid indicating a new lease had been signed. I called the property manager and they indicated that one side of the student rental duplex I own was rented for the 2020 - 2021 school year.

The yearly income is $500 less than the 2019 - 2020 school year. I was never contacted about the unit being rented or the $500 decrease in monthly rent.

Is this standard practice or is the property manager required to notify me?

Mark

[Peter Tverdov]

It depends what your agreement says. We notify the owners and get written permission before increasing or decreasing rent. In some towns where there is a cap on how much you can increase, it's given that we will try to increase the rent based on that percentage and then if we cannot get any bites, we will request to lower the rate.

When it comes to student rentals, timing is of utmost importance so your manager may have sensed the market thinning out and decided to fill the unit. Why don't you just ask them why they did that?