Bring Month-To-Month lease to market rent

[Andy Chen]

Hi BP, I am first time managing my own property. The property I am going to take over has 1 unit on Month To Month agreement and way under market rent in California. Assuming the condition of the unit allows, am I allowed to raise more than 8% (5% +2 ~ 3% index) and straight to market rent?

Thank you

[Marc Winter]

Ah, yes.  Sunny California, where palm trees grow, surfers ride the waves, and the Gubmint tells landlords how much they can charge.  Hmmm, what other states or countries control prices...

I guess it's obvious that I'm not a fan of rent or price controls.  Let the market decide the value.