This office lease provision states that Base Rent shall be $25.50 per rentable square foot. During the Renewal Term, Base Rent shall be increased by the change, if any, in the Consumer Price Index. In no event will the Renewal Rental Rate be less than the Base Rent.
Maryland Provision Calculating the Rent Increase
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US-OL24017D
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FAQ
The H.O.M.E. Act (Bill 16-23) caps rent increases at 3% or the Voluntary Rent Guidelines, whichever is lower. The Voluntary Rent Guidelines are based on a local inflation measure and averaged 2.25% over the last 10 years.
Montgomery County, Maryland Adopts 6% Cap on Rent Increases.
The county publishes voluntary rent guidelines to advise on reasonable increases, which was set at 5.8% for 2023, but this serves merely as a recommendation. Currently, around 35% of occupied units in Montgomery County are rental units, 23% of whom pay 50% or more of their income in monthly housing costs.
Raise Rent in Maryland There are currently no restrictions on rent increases in the state. It may surprise you to learn that Maryland is not the only state in the union without statewide rental control laws. Other states without such laws include Montana, New York, and Maine.
PG County's Rent Control Law Unlike the Mount Rainier law, which tied rent increases to the Consumer Price Index (CPI), the PG County law limits rent increases to three percent 3.0%).
The government usually sets your rent based on the Consumer Price Index (CPI) for September, plus 1%. The CPI is a commonly used measure of inflation which measures changes in the prices of goods. This year the CPI was very high (10.1%) so the government has agreed to cap your rent increase at 7% instead.
Per Montgomery County: The Montgomery County Council voted (7-4) today to enact Bill 15-23, Rent Stabilization, which establishes maximum allowable rent increases to the lesser of the local annual Consumer Price Index for All Urban Consumers (CPI-U) plus three percent or six percent of the base rent.
Although there are no limits to the rent increase, it's important that you set the amount at a fair market price to draw in and retain tenants. Increases to the rent should be sufficient to offset the additional costs you incur for labor, energy, and materials to maintain the rental unit.
