I bought my mobile home park in may 2017. The rent was 280 I immediately raised it to 290, july 1st was the first month they paid 290. My question is can I raise it to what the market rents are $305 even though I just raised it this summer? Are there laws to having two raises in one year or going us 25 dollars in rent in one year?
It is not Congress that make such laws for the nation. Anyone would have to know the park’s location in order to answer your question.
Do you not worry that your tenants will sense that your management is erratic and put them in fear of rent increase dropping on them them at any time, and perhaps inspire them look around for a more predictable park owner who is willing pay their moving expense. This month I am getting two move-ins from a near by park who’s owner is too aggressive with rent increases.
The terms of rent raises are going to be subject to your lot lease agreement more than state law, since I believe you said yours is in Michigan.
Go on line and find your state landlord tenant regulations. Depending on your state regulations it is likely that community rules that are contrary to state law are null and void.
If you intend to operate a business it is your responsibility to learn and understand all state regulations that govern your business. To avoid ending up in court learn the law.
Do not operate by the seat of your pants by posting asking individual questions without first studying the law. Learn the regulations first then post questions for clarification.