If you`re a renter, there`s nothing more stressful than learning that your rent is about to increase. Unfortunately, it`s a common occurrence in the rental market, and landlords may choose to increase your rent for a variety of reasons. However, what happens when you`re about to sign a new tenancy agreement? Is it possible for your landlord to increase the rent in this situation, and what can you do about it?
First, let`s define what a tenancy agreement is. A tenancy agreement is a legally binding contract between the landlord and tenant that outlines the terms and conditions of the rental agreement. This agreement usually covers the length of the tenancy, the amount of rent, and any other rules and regulations that the tenant must follow.
If you`re signing a new tenancy agreement, it`s important to know whether your landlord can increase your rent. In most cases, a landlord can only increase the rent if the existing tenancy agreement allows for it. If there is no mention of a rent increase in the existing agreement, the landlord cannot increase the rent until the agreement ends, and a new agreement is signed.
However, if the existing tenancy agreement does allow for a rent increase, the landlord can increase the rent when the new tenancy agreement is signed. This is because the new agreement replaces the old agreement, and any terms in the old agreement, including rent increases, are no longer valid.
So, if you`re about to sign a new tenancy agreement, what can you do if your landlord is increasing your rent? First, make sure that the rent increase is legal. In most cases, landlords must give tenants at least 60 days` notice before increasing the rent. The notice must also be in writing and include the new rent amount, the effective date, and any other relevant information.
Once you receive notice of a rent increase, you may want to try negotiating with your landlord. If the increase is significant, you may be able to talk to your landlord about reducing it or coming to a compromise. Remember, landlords want to keep good tenants, and they may be willing to work with you if it means keeping you as a tenant.
If negotiating doesn`t work, you may want to consider moving out when your current tenancy agreement ends. While it can be stressful to move, it may be the best option if the rent increase is not affordable for you. Be sure to give your landlord sufficient notice, and make sure that you understand your obligations under the terms of your tenancy agreement.
In conclusion, a rent increase in a new tenancy agreement is legal if the existing agreement allows for it. If you receive notice of a rent increase, make sure that it is legal and try negotiating with your landlord. If negotiations don`t work, consider moving out when your current agreement ends. Remember, it`s important to know your rights and obligations when it comes to rental agreements.