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Can rent increase take place every year ?


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Old 19-05-2013, 12:35 AM
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Default Can rent increase take place every year ?

Can anyone please advise on following :

Article 9 of the law previously contained a two year protection against any increase in rent for the first two years of the tenancy; the amending law removes this protection. This means that rent increases can take place every year, in accordance with the 2009 rent cap and the index of rental values.
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Old 10-06-2013, 05:24 PM
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Default Are you sure?

Hi

Are you sure?

I'm just in the process of renewing my tenantís lease, according to the letting agent, I can't increase the rent for the first 2 years, after the end of the 2nd year there is a cap of 5% maximum that the landlord can increase the rent by. Also, apparently I can't not renew the lease if the tenant agrees to pay the 5% increase, the only way I can get the tenant out is by giving a 12 month notice and only if the property is to be for my own personal use.

This all sounds ridiculous to me, but the letting agent tells me that that's how it is.

Saj
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Old 15-06-2013, 09:35 PM
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It is conditional. Please read following and visit RERA website :

quote

Renewing your contract
Are landlords allowed to raise rent after just one year? If so, whatís the maximum/minimum amount?
MV: Landlords are not permitted to raise the rent after just one year if the rent is up to 25 percent below the average rent of similar properties, according to the RERA rent calculator. If the rent is 26-35 percent less than the average, the maximum increase allowed is five percent. If the rent is 36-45 percent less than the average, then the maximum increase allowed is 10 percent. If the rent is 46-55 percent less than the average, then the maximum increase allowed is 15 percent. If the rent is more than 55 percent less than the average, then the maximum increase allowed is 20 percent. (Editor's note: the landlord should give a written notice period of rent change 90 days prior lease agreement expiration.)

PP: Landlords may increase rent based on RERA rentals caps or what you have agreed during the signing of the tenancy contract. If no increase has been mentioned for the area in which youíre living, the landlord should keep your agreed rent.
unquote


Quote:
Originally Posted by sajjap View Post
Hi

Are you sure?

I'm just in the process of renewing my tenantís lease, according to the letting agent, I can't increase the rent for the first 2 years, after the end of the 2nd year there is a cap of 5% maximum that the landlord can increase the rent by. Also, apparently I can't not renew the lease if the tenant agrees to pay the 5% increase, the only way I can get the tenant out is by giving a 12 month notice and only if the property is to be for my own personal use.

This all sounds ridiculous to me, but the letting agent tells me that that's how it is.

Saj
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