This is a letter to tenants regarding rent increase.
Kentucky Letter - Notice To Tenants Announcing Rent Increase
State:
Multi-State
Control #:
US-1110LT
Format:
Word;
Rich Text
Instant download
Description
How to fill out Letter - Notice To Tenants Announcing Rent Increase?
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FAQ
In Kentucky, there is no limit to how much rent a landlord can increase it by. As such, you can increase it by whatever amount you see fit. That said, it's important not to overcharge your Kentucky tenants. If you do so, you risk having long vacancy periods, as your rental property will be less desirable.
The minimum notice requirement is 28 days. If you have a monthly tenancy, you will have to give one month's notice. If you pay your rent at longer intervals you have to give notice equivalent to that rental period. For example, if you pay rent every three months, you would have to give three months' notice.
When a tenant violates the lease, the landlord is required to give the tenant a 14-day notice informing the tenant that the lease violation (by either stopping a certain act or paying for damages) must be fixed within 15 days or the lease will terminate.
Landlords must give 30 days written notice in order to increase the rent or change any other term in a month-to-month contract. Rent prices cannot be increased during the term of the lease unless otherwise stated within the lease.
State law regulates several rent-related issues, including the amount of notice (at least 30 days in Kentucky) landlords must give tenants to raise the rent and how much time (seven days in Kentucky) a tenant has to pay rent or move before a landlord can file for eviction.
Move out process from the rental unit Kentucky laws dictate that the tenants have to move out within 7 days after the Writ of Restitution is issued.
Landlords do not have to pay interest on security deposits. Can security deposits be commingled with other assets in Kentucky? Landlords cannot commingle security deposits with their other funds. Landlords must deposit security deposits in separate accounts held solely for security deposit.
In Kentucky, landlords must give at least two days' notice prior to entering a tenant's property. While Kentucky specifies how much time notice must be given, there is no specification on which hours landlords are able to enter a property.
What to include in a rent increase letterDate of the rent increase letter.Name and information of the tenant and landlord.Property address and unit number (if applicable).Reference the expiration date of the existing lease.Current rent amount.Amount of rent increase.Date the rent increase will go into effect.More items...
The increase is to be calculated according to the Retail Price Index, being a minimum of 3% and a maximum of 8%. The Landlord must serve written notice at least two months' prior to the rent increase date.
