This is a notice provided by the Landlord to Tenant explaining that once the lease term has expired. Tenant has the option of vacating the premises or remaining on the premises provided that they abide by the posted rent increase.
Increase Rent Date With Inflation
State:
California
Control #:
CA-1054LT
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out California Letter From Landlord To Tenant About Intent To Increase Rent And Effective Date Of Rental Increase?
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FAQ
Over the last three months, the core CPI increased 3.1%. Higher rents resulted in services inflation excluding energy accelerating 0.6%. Falling used cars and trucks prices extended the core goods deflation. Core goods prices fell 0.4%.
Landlords cannot raise rent more than 10% total or 5% plus the percentage change in the cost of living ? whichever is lower ? over a 12-month period.
Persistent increases in asking rents will eventually push up the average rent of the entire stock of units on the market, which in turn feeds into the rent component of the CPI or the PCEPI. Movements in asking rents can therefore help forecast future rent inflation and future overall inflation.
There is no rent control in Virginia. Therefore, there is no limit on rent increases a landlord can impose, but they must give a 30-day written notice of the increase. If a tenant objects to the new rent amount, they have the right to vacate the unit within that 30-day period.
Although there are no limits to the rent increase, it's important that you set the amount at a fair market price to draw in and retain tenants. Increases to the rent should be sufficient to offset the additional costs you incur for labor, energy, and materials to maintain the rental unit.