Landlord Q & A: Raising rent because of utility costs?
April 1, 2011
Can I charge a tenant who has been residing in my rental apartment for three years $20 a week for water because the price of the water increased? Mary, Fall River, Mass.
If your tenant is on a month-to-month status, you can raise the rent by giving enough advance notice, one month before the due date of the next rent payment. If your tenant has signed a lease for a specific time frame, you will need to wait until after the end date of the current lease to raise the rent.
About the Author: Bob Cain
Some 30 years ago Bob Cain went to a no-money-down seminar and got the notion that owning rental property would be just the best idea there is for making money. He bought some. Trouble was, what he learned at the seminar didn’t tell him how to make money on his rental property. He went looking for help in the form of a magazine or newsletter about the business. He couldn't find any.
Always ready to jump at a great idea, he decided he could put his speaking and writing skills to work and perform a valuable service for other investors who needed more information about property management. So Bob ferreted out the secrets, tricks and techniques of property management wherever he found them; then he passed them along to other landlords.
For over 25 years now, Bob has been publishing information, giving speeches, putting on seminars and workshops, and consulting for landlords on how to buy, rent and manage property more effectively.
