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A rent increase notice is a letter from a landlord to a tenant that informs them of a rent hike. Legal rent increases can only occur in month-to-month rentals or after a fixed lease expires. To prepare for a rent increase, follow these steps: 1) Determine the amount to increase by researching area comparables on sites like Rentometer.com. 2) Review the rental agreement, as landlords cannot raise rent during a fixed lease. 3) Check state notice periods, as some states require 30 to 60 days' notice. While landlords can generally raise rent as they wish, they should consider the potential impact on tenant retention, particularly for good tenants.
