A Landlord signed a three-year lease for an apartment with Margo, to begin on January 1, 2018 and end on December 31, 2020, at $1,000 per month.
A Landlord signed a three-year lease for an apartment with Margo, to begin on January 1, 2018 and end on December 31, 2020, at $1,000 per month. Last Monday, Margo received a letter from the Landlord, saying: “I have sold the apartment building to a new owner. Goodbye and Good Luck in the future.” Then, yesterday, Margo received a letter from the new owner, saying: “The apartment building has been losing money, so I am going to have to raise everyone’s rent by $100/month, beginning May 1, 2020.” Margo asks you what her rights are.
a. The new owner has the right to increase the rent when she takes ownership, as long as she gives one-month notice, which she has done.
b. Margo’s lease agreement controls – Margo’s rent payments cannot increase until the after December 31, 2020. The new owner has no power to increase the rent before then.
c. This is a “tenancy-in-common” relationship between the Landlord and the Tenant, so the Landlord can change the terms of the rental agreement.
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