A fifteen percent (15%) rent increase is applicable if the current rent is thirty-one percent (31%) to forty percent (40%) less than the average rental value of similar units in the same area. This determination must be based on the data provided by…
A fifteen percent (15%) rent increase is applicable if the current rent is thirty-one percent (31%) to forty percent (40%) less than the average rental value of similar units in the same area. This determination must be based on the data provided by the Rent Index. Landlords wishing to apply this increase must ensure they provide the tenant with at least ninety (90) days� notice before the lease expires, allowing for proper negotiation or termination of the contract based on the new financial terms.
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