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.
Michigan Provision Calculating the Rent Increase
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US-OL24017D
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FAQ
In Michigan, landlords can raise the rent by any amount that they wish. There is no legal limit or cap on the amount of a rent increase.
Rent has increased 20.1% from 2017 to 2022, slightly higher than CPI, which increased by 19.4% over the same period. The median household income in Michigan is 92% of the national average, ing to the U.S. Census Bureau, while the median gross rent here is 82% of the national average.
Michigan Rent Increase Laws Quick FactsAnswerReason NeededNoMax / LimitNoneNotice RequirementNo Statute
7, 2023, Rheingans introduced House Bill 4947 which would repeal 1988 PA 226 (MCL 123.411). Along with the co-sponsors of her legislation to repeal 1988 PA 226 (MCL 123.411), Rep. Rheingans would restore the power of local government in Michigan to control and curb the amount of rent charged by landlords statewide.
The Michigan Truth in Renting Act regulates residential leases ? prohibiting certain clauses or provisions and prescribing penalties. A provision or clause in a lease that violates the Truth in Renting Act is void.
Michigan Housing Costs CityAverage 1-Bedroom RentAverage 2-Bedroom RentDetroit, MI$680$920Lansing, MI$835$1,020Warren, MI$753$963Grand Rapids, MI$938$1,1881 more row ?
This marks a 3.43% increase YoY. The median Fair Market Rent in Michigan is $989 for a 2-bedroom home in 2023.
AN ACT to regulate relationships between landlords and tenants relative to rental agreements for rental units; to regulate the payment, repayment, use and investment of security deposits; to provide for commencement and termination inventories of rental units; to provide for termination arrangements relative to rental ...
