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 Re With Cpi
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
Example of calculating CPI formula When you divide the current product price total by the past price total, your equation is 8.50 / 6.75 = 1.26. You'd then multiply this total by 100, which would be 1.44 x 100 = 125.9. Subtract this total from 100 to receive your final percentage of change, which is 25.9%.
For example, a CPI adjustment clause may state that the rent will be adjusted annually by multiplying the base rent by the ratio of the current CPI to the base CPI, subject to a 3% cap and a 1% floor.
The shelter component of the Consumer Price Index ? which includes rent and owners' equivalent of rent ? makes up 30% of overall inflation and 40% of core CPI, which excludes food and energy prices.
Here is an example of a rent escalation clause: ?Rent for this property shall be adjusted annually on January 1st based on the change in the Consumer Price Index (CPI) as reported by the Bureau of Labor Statistics. The rent shall not exceed 4% of the current rent per year.?
After calculating the current month indexes, the CPI program calculates an economic rent and a pure rent for them for use in the future. These imputed values are the previous month t-6 values multiplied by the relative of price change for the current month t.