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I just bought an 8 unit apt. building in norfolk VA. 23503…

Customer Question
I just bought an 8...
I just bought an 8 unit apt. building in norfolk VA. 23503 5 tenants are on month to month leases at low rent.How much of an increase can I add to there monthly rent and also how quickly can I do it?
Submitted: 6 years ago.Category: Landlord-Tenant
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Answered in 5 minutes by:
3/1/2012
Lawyer: BartEsq, Researcher replied 6 years ago
BartEsq
BartEsq, Researcher
Category: Landlord-Tenant
Satisfied Customers: 1,506
Experience: Juris Doctor
Verified

bart0358 :

Hello, I'm researching your answer now.

bart0358 :

You have to give them at least 30 days notice that you're not to renew the lease.

bart0358 :

Month-to-month lease actually helps you out.

bart0358 :

Just let the lease expire do not renew it and if they want to sign a new lease you can negotiate new terms.

bart0358 :

But if I were you, I would send them a notice with at least 30 days you're not to renew their lease.

bart0358 :

Then they can either leave or sign a new lease.

bart0358 :

But raising the rent and giving 30 days notice should suffice it. Either way it's your property and their lease is up and you can charge whatever you want if they're willing to pay.

bart0358 :

I hope this helps, let me know if you have any problems in the future. Please remember to except if this answer was useful.

JACUSTOMER-tq3a20ks- :

One person told me it was against the law for me to raise the rent to 575. hope that is wrong

bart0358 :

Well, I don't know who that one person was but it doesn't sound like they have a law degree or a license to practice law.

bart0358 :

Whoops, it sounds like they do not have a law degree or a license practice law**

bart0358 :

If I were you, I would feel perfectly comfortable raising the rent. But the clean way to do it would be to terminate the month-to-month lease with notice that you're going to stop renewing the lease.

bart0358 :

But the way you did it is just a was appropriate just a little bit more drama I'm sure. Evidently some someone already told you it was illegal. It may not be the cool thing to do as a landlord, and I would be upset to of my rent went up almost $200. Fact remains your landlord and the business name trying to make money and you are well within your rights to raise the rent or terminate the of the month lease and renegotiate new terms for the new lease.

bart0358 :

Please remember to except if this answer was useful so I can get credit for my work.

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