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 For Tenants
State:
Virginia
Control #:
VA-1054LT
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Virginia Letter From Landlord To Tenant About Intent To Increase Rent And Effective Date Of Rental Increase?
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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.