Increase Rent For Tenants
Description
How to fill out New Mexico 30 Day Notice Of Increase In Rent - Fixed Term Tenancy - Residential?
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FAQ
Texas is unique in that landlords do not need to provide notice before raising the rent. However, it is typical in the state to give at least 30 days before increasing the rental rate on month-to-month or yearly leases.
There is not a statewide law that places limits on how much a landlord can increase the rent when a lease is renewed. In fact, Texas law only allows cities to establish local rent control ordinances in certain cases.
Usually, the rent is increased periodically every year by 5% to 8%.
Most leases have a ?rent review clause? where the rent is 'adjusted' or 'reviewed' after a set period of time. The lease will set out when and how this is to be done. The idea is that the landlord keeps on getting the ?market rent? for the property.
If operating a fixed-term lease, then you need to wait until the lease has expired to hike it. And, if operating a month-to-month lease, then all you'll need to do is notify your tenant at least a month (30 days) prior. The notice must be provided to your tenant in writing.