AB 1482: Limits annual rent increases to no more than 5% + local CPI or 10% whichever is lower.
What is the maximum amount a landlord can increase rent?
The new law limits landlords to collecting only the first months rent, a security deposit and any mandatory recurring fees at lease signing. The law does not, however, prohibit landlords from charging or collecting fees for late or missed rent payments, utility bills or to make repairs.
What are the rules for rent increase in Maine?
A notice of rent increase letter should include the following: Your name and contact information. Date of document. A greeting that addresses each tenant by name. The propertys address. The date the original lease went into effect. The date the original lease will end. The current rent amount. The proposed new rent amount.
How to write a letter to tenants about rent increase?
For periodic tenancies, the maximum allowable increase is once every 12 months. The Act outlines that landlords must provide at least 60 days notice for rent increases in these cases. However, it is important to note that there is no specific percentage cap for periodic tenancies.
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Feb 23, 2017 Percentage rent in 2016 was less than 1% of rental revenue and we anticipate percentage rent to be less than 1% of rental revenue in 2017.
You owe $400, or half a months rent. Your landlord may also charge you reasonable expenses for re-renting the apartment if you did not give the right notice.
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