Daughter's early move-out puts financial strain on parents
A: Yes, unless the property is subject to rent control. Certainly any upgrades to the rental unit would likely lead to a rent increase, as the landlord needs to recover his capital expenses in making the upgrades.
However, the rent is not only tied to the cost of upgrades but also represents a return on investment for the property owner, and periodic increases will also cover the increased costs of being a landlord such as inflation and properties getting older and needing more repairs.
Let me also comment on your informal agreement with your landlord that you will take care of some of the maintenance work at your rental unit and the landlord will accept your rent minus the cost of the repairs you made.
That may be fine if you have the skills and make sure the repairs are done properly. However, it is not ideal, as the landlord should make sure that the unit is in good clean condition and the work meets local building standards and codes.
This column on issues confronting tenants and landlords is written by property manager Robert Griswold, author of "Property Management for Dummies" and "Property Management Kit for Dummies" and co-author of "Real Estate Investing for Dummies." Email your questions to Rental Q&A at firstname.lastname@example.org. Questions should be brief, and not all questions can be individually answered.
|Contact Robert Griswold:|
|Letter to the Editor|
What's Your Home Worth?
The dark side of rising home prices