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Old 03-10-2008, 01:57 PM
 
Location: Philadelphia PA
260 posts, read 943,913 times
Reputation: 127

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Quote:
Originally Posted by leighland View Post
I would have never bought what I couldn't afford despite any familial longing to keep it in the family.
Well, we can afford to pay the mortgage... we just want to make sure and be able to afford "any" unforseen things that might happen. Thanks for your opinion though...

Last edited by yayamyers; 03-10-2008 at 02:04 PM.. Reason: Changed word
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Old 03-10-2008, 02:09 PM
 
Location: Philadelphia PA
260 posts, read 943,913 times
Reputation: 127
Quote:
Originally Posted by jinxor View Post
I would send out a notice of increased rent and give her the option to renew (at the increased rent) or leave.
Thank you... this is why I wanted to find out how much notice I had to give the tenant before we increased the rent. We are trying to be responsible landlords, although the terms are not at all in our favor.
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Old 03-10-2008, 02:15 PM
 
Location: Philadelphia PA
260 posts, read 943,913 times
Reputation: 127
Quote:
Originally Posted by pitt_transplant View Post
Normal rent control rent increases are around 5%.
I think it would be nice to give her a 90 day notice of increase so she has time to figure things out if she ahs to save to move or whatever.
I think since her lease expires in July, we will be sending her a notice next month telling her that the rent will be increasing. 5% of $400 is only $20, but realisticly to be able to maintain the property effectively, I think the increase needs to be closer to 7-10%. I'm not sure, but I wonder if raising the rent to $425-$450 would be breaking the law?
Unlike Leighland keeps saying, we can afford the mortgage, but isn't the rent supposed to cover the mortgage, a fund towards the rented home maintenance and maybe a profit if possible?
I'm trying to be as fair as possible, but I am not trying to go broke renting to this lady while she is not paying competetive market rent amounts.
Am I being unreasanoble?
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Old 03-10-2008, 07:05 PM
 
Location: Glen Burnie, Maryland
2,033 posts, read 4,534,081 times
Reputation: 3085
Here in Maryland there is no cap on rent increases. We currently rent. We got a deal on our place and only paid $750 for 7 years. The landlord hadn't raised the rent at all. We ended up getting our kitchen completely redone last year because of water damage that he hadn't addressed in 3 years. We lived with a hole in the ceiling and mildew and disintegrated cabinets for more that a year. Finally he fixed everything and even though it took forever for him take action, we ended up with a gorgeous new kitchen. A month later, he raised the rent $200. This was more than a 25% raise. However, since we hadn't had our rent raised in 7 years and we were paying well below the going rate for this area, we couldn't complain. See if you can find a law in PA stating any kind of rental increase maximum. I can't see where raising rent $25 dollars a month is such a drastic thing. You have the right to raise the rent every time the lease is renewed, if you so choose.
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Old 03-11-2008, 04:57 AM
 
8,411 posts, read 39,196,535 times
Reputation: 6366
I found this:

Forum thread: RENT INCREASE IN PA.

As its something I am wondering myself.
The place I lived at had a rent control clause in the contract.
(one of the reasons I stuck it out there for a few years)

50$ increase doesnt seem that insane to me. Pretty much everyone I have ever known that rents in larger complexes here in Pa sees a 20-25$ rent increase every year. I just got lucky with that rent control unit. 50 Bucks a month is only like 12 bucks more a week. So thats not so bad at all for a whole house. If she starts to have money problems that are actually from her being on limited income she can get help with food or utilities from the state.
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