Rent Increase for Landlord Lease Agreements

by Sharon Cullen
(Detroit, MI )

One of the most critical yet overlooked detail for landlord lease agreements is the rent review / increase clause. In a nutshell this is a line that grants you the right to raise the rent before your lease expires.

Naturally this rent increase clause has to be reasonable and adhere to your local landlord tenant laws - This usually means that you will have to give your tenants a written notice 30 to 60 days in advance or allow a rent review once every 6 months or longer.

This point is doubly important if you are inking a long term lease agreement that stretches more than 1 year. Otherwise there is no way for you to raise the rent during the tenancy unless you can somehow convince your tenant to accept the higher rent.