Reply: Can an income restricted property raise rent 3x during a current lease on a resident?

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Celesta Marker
If your income changes, hoh members decrease, gross rent (utility subsidy changes) there are all kinds of reasons. So, YES..it could happen!
Posted 1 year 11 months ago
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Diana Russell
No not during a lease term....but if MTM a 30day notice of rent change is all that is needed and it can be sent at anytime
Posted 1 year 11 months ago
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David B Boley
As long as the contract rent remains the same. If it's a subsadized like section 8, the portion of that rent can change depending on the income of the household. If their income increases, their portion will, and the subsadized portion will decrease
Posted 1 year 11 months ago
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Sydney Parmalee
Depends on the state you reside in and the lease verbiage.
Posted 1 year 11 months ago
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Alysha Lorraine
This is not a yes or no question. Lots of factors to consider
Posted 1 year 11 months ago
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Nikki Kritner
If it’s income based and that residents income changed and that person was required to do an interim, then yes.

For those saying no, that might be true on conventional. But it can be changed if it’s a tax credit property and the person failed to report their new income. EIVs get pulled and the resident gets busted not reporting their higher income, it gets refactored and they are responsible for the new payment and repayment of whatever they should have owed had they reported it properly. We had people busted who owed from the entire previous year because they didn’t report the sons wages in the household.
Posted 1 year 11 months ago