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Home / Legal / Rent Agreement / Can a New Owner Raise Rent?
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Can a New Owner Raise Rent?

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0 2024-06-04T11:17:10+00:00
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Wondering if can a new owner increase rent? When a new owner takes over a rental property, they cannot raise the rent immediately. Instead, the following rules apply:

  1. Existing Tenancy Continues: The change in ownership does not create a new tenancy. The existing lease or rental agreement remains in effect.

  2. Waiting Period: The new owner must wait for 12 months after the previous rent increase before raising the rent again.

  3. Notice: The tenant must be given a 90-day notice before any new rent increase takes effect.

I hope this answers your query about can a new building owner increase rent.

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