Rent Increase - Annual Renewal Clause - Rental Agreement
This is a discussion on Rent Increase - Annual Renewal Clause - Rental Agreement within the Landlord vs Tenant Issues forum, part of the REAL ESTATE & PROPERTY LAW category; I have a residential rental agreement with a 8% per annum increase clause and an annual renewal clause, which has ...
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I have a residential rental agreement with a 8% per annum increase clause and an annual renewal clause, which has been running for 8 years.
After three years the landlord elected not to increase the monthly rental for two years running. Last year he increased the rent by 10% on 1 August. In a spirit of give-and-take, I accepted this. I have now been notified that another 10% increase will take effect on 1 August 2008 and that further increases are imminent. My questions, please: 1. Does the landlord have the right to "make up" revenue which was lost due to his own decision to not apply the automatic increase clause some years ago? 2. Does the landlord have the right to increase the annual escalation percentage unilaterally? |
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Your lease is an annual one. Once it ends, the LL can change the terms for the next year, and that year's lease. (You do not have a lease for 8 years - that is not legal). He can raise rents as he sees fit at the end of each lease. Your first lease or last year's, allowed an 8% increase, It appears this one has a 10% increase. If you do not agree, you have the right to terminate as specified in your lease.
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