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Updated over 3 years ago,
Buying a Duplex, owner occupied and I need to increase rent
I am buying a duplex and we close on April 13th. We are moving in on one side and inheriting the tenant on the other. The tenant who is moving out has 90 days, which is till June to do so. Both tenants are on a M2M lease. One tenant is paying 800 and the other is paying 850. I did some research on increasing rent, but it leaves me a little confused.
When they sign MY new lease I don't mind staying on the m2m lease, but I do need to increase rent. I would like to increase to 950-975. I would like to do higher but I know that would not be smart. 1250 is my goal rent. I dont plan to increase rent on the tenant moving out either. That will just cause unnecessary issues. When I looked up m2m rent increase in Oregon, they say you cant increase rent until after the 1 year, and then it gets fuzzy after that on raising rents.
From what I understand, I can raise rent when they sign my new lease and then I need to wait a year. Then I can only increase once a year at a 9.9% increase. Am I understanding this correctly?