What is the legal percentage increase that a landlord canraise rent next month?
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What is the legal percentage increase that a landlord canraise rent next month?
Our lease is up for our apartment next month. We haven’t renewed just yet because I’m hoping to see if we can sign for something other than the increase they are offering. We anticipate signing a 15 month lease (a smaller increase vs a 12 month lease). The 15 month increase is $60-65 per month which equates to approx 17% for the new lease. Is 17% a legal amount for an increase in Denver, CO? There’s no rent control or stabilization in the area that I’m aware of.
Asked on September 9, 2011 under Real Estate Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
A landlord at the end of a lease can try and incease it by any amount he or she desires absent any rent control restictions. The ultimate result for the subsequent rental amount essentially is what the rental market will bear based upon long standing principles of supply and demand.
I have advised many landlord clients of mine in the past that it is best not to try and increase the rent of a particular good tenant at the end of the lease too much for the simple fact if the tenant decides not to renew the lease and leaves, the landlord will incur costs of clean up (painting, cleaning the unit, cleaning the carpet), marketing, advertisement, down time when the unit is not rented and generating income, and the unknown of a new tenant who may not be as good as the one that left due to too high of a rent increase.
The above costs might not be able to be recouped over the life of the new rental agreement.
Good luck.
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