Rent Increase vs Edit Rent Terms
A rent increase is a forced change based on your (as a landlord) legal rights to do so whereas when we Edit Rent Terms its based on an agreement between you (the landlord) and the renter.
Rent Increase
This is a notice that is sent to the tenant to say the rent will be increasing. This is the standard process to increase the rent, it does not require the tenant to agree but minimum notice periods and rules apply.
Edit Rent Terms
This is an agreement between you and the tenant to change the rent terms (e.g rent amount or frequency). This method requires the tenant to agree whereas the notice (above) does not.
If you want to mutually agree to a rent increase (as opposed to giving a notice above) there must commercial reason for doing so. For example if the rent is increasing by agreement there should be a mutual benefit to the renter for that to happen. Typically you cannot increase the rent during a fixed term lease/contract period (unless the lease specifically outlines the rent increase). If you do want to increase the rent during a fixed term period you absolutely must have a clear reason and benefit to the renter to do so (eg installing an air conditioner) and a signed agreement.
Other examples of when you might agree to edit the rent terms:
- The renter wants to change from monthly to weekly payments (to better help with budgeting)
- The owner has to do some renovations and wants to give a rent reduction or free rent period during that time of interruption to the renter